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Super Co-contributions
The incentive from the government that can help you save for retirement
Announced changes to the government's super co-contributions starting from 1 July 2009*
The government will temporarily reduce the matching rate and maximum co-contributions that is payable on an individual's eligible personal super contributions, coming into effect from 1 July 2009 up until 30 June 2014.
Under this initiative, the reduced rates are:
| Financial years: |
Current 2008/09 |
2009/10 - 2011/12 |
2012/13 - 2013/14 |
2014/15 and later |
| Matching rate |
150% |
100% |
125% |
150% |
| Maximum co-contribution |
$1,500 |
$1,000 |
$1,250 |
$1,500 |
| Reduction (per dollar of income in excess of the lower threshold) |
5 cents |
3.333 cents |
4.167 cents |
5 cents |
The co-contribution income thresholds will continue to be indexed, and no changes have been announced in relation to the eligibility requirements, as outlined below.
For the 2009/10 financial year, if your total income for tax purposes is under $61,920 per year, you could qualify for a co-contribution of up to $1 for every $1 you personally put into your super - to a maximum of $1000 per year.
You will be eligible if:
- You have made after-tax personal superannuation contributions (above the 9% your employer pays) to a complying superannuation fund. CareSuper is a complying fund, of course!
- Your total income (assessable income plus reportable fringe benefits) is less than $61,920 for the year to 30 June 2010
- You did not hold an eligible temporary resident visa at any time during the year to 30 June 2010
- You will lodge an income tax return for the financial year ending 30 June 2010
- You are less than 71 years old at 30 June 2010
It's easy to do.
All you have to do is make a personal superannuation contribution before 30 June this year - write a cheque to CareSuper, transfer funds by BPAY or EFT, or organise a direct debit. If you haven't made BPAY contributions before, call the CareSuperLine for your customer reference number. The biller code will be 929893. For more information on making contributions click here.
Receiving your contribution
Your co-contribution will automatically be paid into your super account after: you’ve lodged your tax return at the end of the financial year, your super fund has lodged a member contribution statement for you (which generally takes place by 31 October), and the ATO has received any additional information required. You’ll then receive a letter from the ATO confirming your co-contribution amount has been paid to your super fund.
Your co-contribution payment may not be received into your super account in time for your annual statement, so remember you can use MemberOnline at any time to keep track of your account. To register for MemberOnline visit caresuper.com.au or call 1300 360 149.
You could also consider setting up a regular deduction taken out of your pay or direct debit as a personal superannuation contribution, so that you don't have to find a lump sum every year to take advantage of the co-contribution.
Check the table below to see what co-contribution you could be eligible for the 2009/10 financial year.
| |
If your personal super contribution is:
|
| |
$1,000 |
$800 |
$500 |
$200 |
|
And your income is:
|
Your Super Co-contribution will be:
|
|
$31,920 or less
|
$1,000
|
$800
|
$500
|
$200
|
|
$34,921
|
$900
|
$800
|
$500
|
$200
|
|
$37,921
|
$800
|
$800
|
$500
|
$200
|
|
$40,921
|
$700
|
$700
|
$500
|
$200
|
|
$43,922
|
$600
|
$600
|
$500
|
$200
|
|
$46,922
|
$500
|
$500
|
$500
|
$200
|
|
$49,922
|
$400
|
$400
|
$400
|
$200
|
|
$52,922
|
$300
|
$300
|
$300
|
$200
|
|
$55,923
|
$200
|
$200
|
$200
|
$200
|
|
$58,923
|
$100
|
$100
|
$100
|
$100
|
|
$61,920
|
$0
|
$0
|
$0
|
$0
|
*Disclaimer
This information is based on the changes announced by the government in the 2009 budget. They are subject to the passing of the budget and any required amendments to applicable legislation. You should not make any decisions based on this information without consulting a professional financial adviser. Accordingly CARE Super Pty Ltd and its directors, officers, employees and associates make no representation in respect of, and, to the extent permitted by law, exclude all warranties in relation to the accuracy, currency or completeness of the information provided. CARE Super Pty Ltd and its directors, officers, employees and associates accept no liability whatsoever (including by way of negligence) for any loss or damage, however caused, as a result of any person relying , in whole or in part, on any information provided.
