Receive up to $500 Superannuation Co-Contribution for Individuals (Under 71 YO) Earning Less than $58,445

3070
Receive up to $500 Superannuation Co-Contribution for Individuals (Under 71 YO) Earning Less than $58,445
Go to Deal
oziebee on 18/06/2024 - 22:20 ato.gov.au (2608 clicks)
Last edited 19/06/2024 - 02:57 by 1 other user

What is a super co-contribution

If you're a low or middle-income earner and make personal non-concessional (after-tax) contributions to your super fund, the government may also make a co-contribution up to a maximum of $500.

The government co-contribution you receive depends on your income and how much you contribute.

You don't need to apply for the super co-contribution. When you lodge your tax return, we will work out if you're eligible. If your super fund has your tax file number (TFN), we will pay it to your super account automatically.

The preservation rules applying to your current super entitlements also apply to the co-contribution.

Eligibility

To be eligible for the super co-contribution you must:

  • have made one or more personal non-concessional super contributions to your complying super fund during the financial year
  • pass the two income tests (income threshold and 10% eligible income tests)
  • be less than 71 years old at the end of the financial year
  • not hold a temporary visa at any time during the financial year (unless you're a New Zealand citizen or it was a prescribed visa under [subsection 20AA(2)] of the Superannuation (Unclaimed Money and Lost Members) Act 1999
  • have lodged your tax return for the relevant financial year
  • have a total superannuation balance less than the general transfer balance cap at the end of 30 June of the previous financial year
  • not have contributed more than your non-concessional contributions cap.

To receive the co-contribution, your total income must be less than the higher income threshold for that financial year.

Your total income

For the purpose of this test, your total income for the financial year is:

  • the total of your
    • assessable income
    • reportable fringe benefits total
    • reportable employer super contributions reduced (but not below zero) by any excess concessional contributions 
  • minus your 
    • assessable first home super saver released amount (if any)
    • allowable business deductions (relevant to businesses only).

I got confused with the complex rules for eligibility but more clear on the below post

https://au.finance.yahoo.com/news/2-weeks-left-for-aussies-t…

You can estimate how much you may receive as a co-contribution from the government using various calculators found online.

ATO

Financial Superannuation

Related Stores

Australian Taxation Office
Australian Taxation Office

Comments

      • npnp on 19/06/2024 - 00:13

        I'd like to know this. It says low income families but criteria doesn't talk about the spouse. Does this mean someone can get this even when their spouse is on higher tax brackets?
        Also how do you manually contribute to super? Should we do this via super fund itself or through employer?
        Thanks in advance

        • braddsey on 19/06/2024 - 00:42
          +4

          The OP's title says families, but the super co-contribution is based on individual income.

          To contribute to your super, contact yoursuper fund. This is a non-concessional contribution - which means after tax. Your employer makes concessional contributions for you - before tax.
          Typically when you make a contribution to super from your bank account, you need to use a specific BPAY code or transfer reference, so the super fund recognises it as the correct type of contribution. If you tell them what you're doing they will advise you accordingly.

          You may also want to look at a Spouse super contribution (https://www.ato.gov.au/individuals-and-families/super-for-in…).
          If you spouse is a higher income earner and you are a low-income earner, your spouse can contribute up to $3,000 into your super, and get a $540 tax offset (tax deduction). They need to record it in their tax return.

          • npnp on 19/06/2024 - 07:46

            @braddsey: Thanks a lot mate, I wish I knew this earlier. Also is there any super amount limit that a high income earner can voluntarily contribute without being penalized? I saw someone mentioned below $3000 with minimum tax rate instead of higher tax bracket.

            • braddsey on 19/06/2024 - 15:42
              +1

              @npnp: There are annual non-concessional caps which you can’t exceed $110K this year. There’s also the 3-year bring forward rule, so you could contribute 3-years’ worth of contributions in 1 go… but the tax offset will still only be $540 (based on my reading).
              The low-income earner needs to earn less than $37000 to get the full offset.

              Keep in mind this is non-concessional (after tax), so you’ve as already paid tax on it.

      • Brianqpr on 19/06/2024 - 07:44
        +1

        This. Had high net worth clients when doing financial advice who would claim it for their non working spouse. Never sat well with me tbh as it's not the intention of it and what difference does $500 make to people that wealthy?

        • npnp on 19/06/2024 - 07:50

          It does make a difference mate. In my situation at least it does. Imagine paying a 1 million mortgage with two-three dependants and non working spouse, even over 200K annual salary wouldn't go that far (mortgage payment along could be close to 100K yearly and all of a sudden your family income is just over 100k). Is that wealthy to you?

          • Brianqpr on 19/06/2024 - 10:49
            +2

            @npnp: I said high net worth, I am talking about multi millionaire business owners we had as clients, not families on one income of $200k with a big mortgage. Hate to break it to you, but that isn't high net worth.

            • 1st-Amendment on 19/06/2024 - 12:05

              @Brianqpr:

              I said high net worth, I am talking about multi millionaire business owners we had as clients

              What do you think the threshold before you stop caring about free money? You never answered the question.

        • 1st-Amendment on 19/06/2024 - 08:50

          what difference does $500 make to people that wealthy?

          It makes exactly $500 difference, plus more with compounding interest.

          If you saw $500 on the ground would you pick it up? What about $50? $5? At what point to do you say, no free money for me thanks, I'm too rich?

          Based on this comment you sound like a lousy FA.

          • npnp on 19/06/2024 - 09:32
            +1

            @1st-Amendment: You sound like a sad person, I feel for you.
            No, ATO will NEVER give you free money. We pay taxes (I mean a LOT), getting a fraction of it back is NOT free money.

            If you were talking about someone who doesn't pay taxes but is actually wealthy (with billions worth of properties under their belt for an example), then getting this $500 back is probably free money, paid by other tax payers. But I am not. (and so most of Ozbargainers here).

            In Ozbargain, we come here to save even $5 (not sure about you, but I do, call it stingy, I don't care and rather proud). If I can get $500 back off tens of thousands tax I pay to ATO then why not?

            • 1st-Amendment on 19/06/2024 - 11:58
              +3

              @npnp:

              In Ozbargain, we come here to save even $5 (not sure about you, but I do, call it stingy, I don't care and rather proud). If I can get $500 back off tens of thousands tax I pay to ATO then why not?

              Looks like we agree then. Does that make us both sad?

          • Brianqpr on 19/06/2024 - 10:51
            +2

            @1st-Amendment: We helped them in terms of how to claim it as they were aware of it, but thanks for your informed input. Some of these clients were worth north of 10 million. Morally does not sit well with me to claim it in that situation and it was never the intention of the legislation. I would never waste time going after $500 if worth that kind of money.

            • 1st-Amendment on 19/06/2024 - 12:12

              @Brianqpr:

              Morally does not sit well with me

              Cool story. What is the ratio of wealth to free money before it becomes immoral in you opinion?

              I would never waste time going after $500 if worth that kind of money.

              To most people on earth YOU are the high net worth guy and you're still on a bargain site chasing a few bucks savings here and there. We all are. To billions of other people YOU are the immoral one. See how that works?

              • Brianqpr on 19/06/2024 - 14:37
                +1

                @1st-Amendment: When you simply have no need for it. Would you go after 5 cents? Because $500 to people in that wealth bracket makes about that much difference to them. Probably not that much actually.

                You are well aware that I was referring to high net worth in terms of the country we live in. Our cost of living and labour costs reflect the wealth here.

                • 1st-Amendment on 19/06/2024 - 16:16

                  @Brianqpr:

                  When you simply have no need for it

                  There you go again with deciding what other people need. Try doing less of that. What if I should decide what you need? Do that idea appeal to you?

                  Would you go after 5 cents

                  Yes, I watch every cent I earn/spend/save/invest/win. Some people are good with money and they tend to be the ones that succeed, others aren't and they don't. You are free to choose your own path here.

                  You are well aware that I was referring to high net worth in terms of the country we live in

                  You still never said what the threshold for that is?
                  I'm genuinely curious as to what level you think one reaches where they suddenly change their approach to money. Because I know some seriously wealthy people and I've never seen this happen. We're talking 9 figure types who still argue over loose change. Being money-smart is a mindset. Once you have it, you never lose it.

        • braddsey on 19/06/2024 - 13:37

          Ultimately it’s about reducing tax. If your high net worth business owners are paying tax at 45%, they’ll look for whatever opportunity they can to legally reduce their income or get a bit back from the government. Assuming they’re not doing anything dodgy, then they’re contributing a large amount to the government already.
          Wealth doesn’t grow by walking past money, and it allows to then give dome back via charitable donations and help others in need.

          • Brianqpr on 19/06/2024 - 14:38

            @braddsey: The contribution required to qualify for the co contribution is not tax deductible. There is no tax saving.

            • braddsey on 19/06/2024 - 15:07

              @Brianqpr: Agreed - but it is a little bit back from the government, which amounts to the same thing.

          • 1st-Amendment on 19/06/2024 - 16:19
            +1

            @braddsey:

            they’ll look for whatever opportunity they can to legally reduce

            Important point here, it's not just wealthy people, it's everyone. We all do it. Claim extra deductions or benefits, only buy things on sale etc. I mean this site is an entire community of people dedicated to exactly that. Rich or poor, finding bargains is a good mindset to have.

        • SeVeN11 on 19/06/2024 - 15:57

          Most probably why they are the high net worth client…

          • Brianqpr on 19/06/2024 - 19:47

            @SeVeN11: I think it takes a bit more than chasing $500 a year and other small amounts to reach that status. Like talent, creativity, brains, drive, self confidence etc.

            Or being born into the right family 😄.

            • SeVeN11 on 19/06/2024 - 23:51

              @Brianqpr: Don't underestimate the power of compounding.

              If you put $500 a year away into your super for 40 years (from 20 to 60) compounding at 10%, you'll have 243k tax-free.
              if you do it from age 20 to 67 (age pension age), you'll have 479k

              It's just maths.

              • Brianqpr on 20/06/2024 - 17:33

                @SeVeN11: That isn't high net worth though.

                • SeVeN11 on 20/06/2024 - 20:37

                  @Brianqpr: In this example it's just $500/year. As in anybody can do it.

                  If you want to be wealthy you have to put a bit more effort. Most people just can't be bothered to be wealthy.

                  If you did 5k a year, it would be $4.79m tax free.

                  • Brianqpr on 20/06/2024 - 23:23

                    @SeVeN11: Setting aside of course how unlikely you are to get 10% per annum compounding consistently.

                    Also there is tax (albeit at lower levels in super) on income and capital gains along the way, plus fees in super. So you'd need maybe 13% to get the net result you are using. Long term super returns are not at that level.

                    • SeVeN11 on 21/06/2024 - 00:06

                      @Brianqpr: My point is
                      1) $500 a year is nothing to most people and $5000 a year requires a bit of effort with budgeting and planning
                      2) You have 40+ years it will average out (that's the whole point)
                      3) if you think an 8% return is more reasonable than 10%, you can simply compensate by investing 25% more each year. ie $6,250 instead of $5,000. If you can't find $1,250 more a year (~$100/m) then you might need to settle with 3.83m instead of 4.79m. I don't think you'll be complaining either way for little to no effort.

                      Note: you're only buying in your super and not selling along the way so the capital gain is negligible (yes the fund itself will buy and sell to rebalance along the way but it's not that material). When you do sell, it'll all be tax-free after 60 when you roll to the pension phase. Yes, dividends in super will be taxed at 15%, but it's better than getting taxed 35-50% if you had it outside of super.

                      If you're still worried about paying 15% tax in your super and not the 35 to 50% marginal tax rate, I would suggest you put these numbers into a spreadsheet.

                      I'm not sure what superannuation you're with, most have a low-cost index fund option with very little fees. (Less than 0.15%)

                      Don't get scamed by the "default" balance/growth option super at work gives you. Those come with a hefty fee of 0.5% ++ and they allocate 10-30% into cash/bonds which is pointless for anyone below the age of 50.

                      A quick Google will show you the historical return of S&P500 is
                      15.3% - 10 years
                      10.8% - 20 years
                      9.9% - 30 years

                      ASX is
                      9.2% - 30 years.

                      i.e. 10% is very achievable.

                      https://www.vanguard.com.au/personal/learn/smart-investing/i…

  • Tommohalby on 18/06/2024 - 22:39
    +16

    Good for young kids starting out. I did this when I was younger earning not much at all. Decades of compound interest will do me well - if I survive to retirement that is. 😮‍💨

    • Brianqpr on 19/06/2024 - 14:38

      Yes this is the sort of person it is designed to assist.

  • Locklocklan on 18/06/2024 - 22:40
    +14

    Does OW price match???

    • Dyl on 19/06/2024 - 05:07
      +1

      Officeworks only stocks the capitalism model.

  • bob19 on 18/06/2024 - 22:42
    +20

    You currently need to earn less than $43,445 for the 2023-24 financial year to be eligible to claim the full $500 amount.

    You can still get the contribution if you earn up to $58,445 but the amount you can claim will reduce progressively as your income increases.

    • npnp on 19/06/2024 - 00:14
      +1

      How about if you earn less than 40K but your spouse's income is significantly higher.

      • Mr BoMBAStiG on 19/06/2024 - 06:29
        +1

        That's fine, designed for this situation

      • SlickMick on 19/06/2024 - 08:00
        +1

        Then your spouse provides the funds, and the ATO tops off. Win win (2x for you)

    • amorn on 19/06/2024 - 10:08

      43335 only as a salary or total income?

    • nightelves on 19/06/2024 - 10:25

      Does this include salary sacrifice?

  • SR9 on 18/06/2024 - 22:59
    +1

    Is this family combine income or individual?

    • scratchy on 19/06/2024 - 07:22
      +1

      Taxes in Australia are generally done at the individual level.

    • bauser99 on 19/06/2024 - 08:17

      Individual

  • Poor Ass on 18/06/2024 - 23:02
    +11

    OP you need to change the title it's not low income families it's individual based

  • lilkid28 on 18/06/2024 - 23:12
    +1

    Thanks, bought 8 using iTunes gift cards

  • Rimas on 18/06/2024 - 23:26
    +14

    My wife is a part timer and has been getting this for few years now. On top of that, I top her super up by 3000 dollars every year and claim 18% of that in my tax return. She also makes a concessional contribution of 3460 dollars and that gives her another 500 dollars as part of the low income super tax offset program. All in all, we contribute 7460 dollars to her super and the government tops that up by 1000 box and I get 540 back. It's a good investment if you ask me.

    • Techie4066 on 18/06/2024 - 23:36
      +1

      She also makes a concessional contribution of 3460 dollars and that gives her another 500 dollars as part of the low income super tax offset program.

      Afaik that $500 from the LISTO is just a refund of the 15% tax paid on her concessional contribution. Still a good thing but the gov "top up" is just the $500 co-contribution.

      • Rimas on 19/06/2024 - 00:06

        That's right but that's also literally a good thing cuz none of the dollars we pay to her super get taxed.

        • Techie4066 on 19/06/2024 - 00:12

          yea I just think you were counting that $500 twice

          • Rimas on 19/06/2024 - 00:18

            @Techie4066: Well, think of it this way: she'd pay 16 percent tax on that 3460 dollars if she kept it, so by putting that in her super she pays zero tax. That'd be an extra 500 dollars in her pocket wouldn't it?

            • Gavman on 19/06/2024 - 06:04
              +6

              @Rimas: Might be wrong but isn’t that contribution taxed at 15% so saving 1%?

              • Rimas on 19/06/2024 - 07:48

                @Gavman: The contribution is taxed at 15%, true but the government will refund that to her super making it zero tax.

              • od810 on 19/06/2024 - 07:50

                @Gavman: Low income tax offset will refund the 15% (up to $500) if you earn less thab 37k (if i recall the number correctly)

    • paloverde88 on 19/06/2024 - 03:56
      +1

      Good you have that much spare cash lying around

      • Rimas on 19/06/2024 - 13:55
        +2

        We don't. We are living by every penny we earn but to us, contribution to super is a must so always budget for that.

    • Poor Ass on 19/06/2024 - 08:23
      +3

      why $3460 and not $3333.33 so you get the $500 super tax offset?

      Also shouldn't it be less than $3333.33 now that super guarantee is compulsory even for part timers and employer will add to the concessional contribution limit.

      Unless she's doing cashies?

      • Rimas on 19/06/2024 - 13:53

        She is self employed website designer and she works part time. So no, she does not have to contribute to super. And yeah, $3333 would have made more sense :(

        • Poor Ass on 19/06/2024 - 15:11

          ah I see if I was self employed I wouldn't really say I work part-time but that's just me

          part-time / full-time sounds are slave terms working for an employer to me anyway

          skip the $3333….. go $27500 this year and max it out buddy or use up the carry forward threshold from previous years ;)

          • Rimas on 19/06/2024 - 16:42

            @Poor Ass: I wish we could but we need the cash, so we'll pay some tax I suppose.

            • Poor Ass on 19/06/2024 - 16:50

              @Rimas: if you need the cash then no contributions

  • theg00s3 on 18/06/2024 - 23:32
    +27

    I do this every year as a 22 year old because compound interest is an incredible beast, and where else are you gonna get a 50% match on a 1k investment

    • krisspy on 19/06/2024 - 00:05
      +20

      Compounding interest is a beast, just ask my hecs/help balance.

      • theg00s3 on 19/06/2024 - 00:37

        same 💀

      • braddsey on 19/06/2024 - 01:07
        +5

        Still, you $1000 is better invested here than paying down your hecs debt. Here you get a bonus $500, plus you can expect it to grow at 8% per year. Your hecs debt will grow at CP.

      • Binchicken22 on 19/06/2024 - 06:20
        +1

        Now you've learned how it can work against you, make sure next time it's working for you.

    • DnA-bargain on 19/06/2024 - 00:07
      +13

      I've got a crazy conspiracy theory that between now and 35 years from now when I will retire, some major global event will force the Australian govt to take my Superannuation, "for the greater good".

      During WW2, your family home of 500 years did not matter if the British govt needed it for an emergency.

      • DannyBoy on 19/06/2024 - 00:16

        Spot on or a good ol fashioned GFC will do the trick

      • muzzamo on 19/06/2024 - 05:22
        +1

        It’s not the worst theory. 35 years is a long time.

        There’s also a non trivial chance of nuclear war in that period too, horrific as it sounds. 12,000 active warheads still ready to fire.

      • Binchicken22 on 19/06/2024 - 06:25

        Also just things like Hyper inflation etc can destroy any wealth held in a particular currency, inc housing.

        The way this country is being managed with out of control spending, NDIS is currently costing as much as healthcare is for the whole population (Medicare), just to service the needs of 1%… And it's still growing rapidly… Aussies have got used to big government and big government spending and continually vote for it, so the future doesn't look all that bright to me.

        It will take a long time before it all comes crumbling down though most likely. I'd say most of the west will fall at once actually, because we are all playing the same game, probably started by a tipping point in the US as their debt to GDP is the worst out of any western country.

      • lunartemis on 19/06/2024 - 06:45
        +3

        "When" you retire, or "if" you retire? You may be forced to work until you are in your 80s by then…

        • Aloa on 19/06/2024 - 10:36

          Exactly. Retirement won't happen in the 60s if you ask me 35 years later.

      • SeVeN11 on 19/06/2024 - 16:04

        Surely they returned it after the war.
        ie they borrowed it

    • Pufff on 19/06/2024 - 09:02
      -2

      I worked with a guy who did this. Passed away a couple of years ago from cancer in his 40s. Food for thought.

    • foxmulder on 27/06/2024 - 13:47

      I saw today in Tesla live, Elon matching any bitcoin/etherium you deposit, so double your investment. I thought it was real, but I confuse, wtf Elon talking about the deposit 100 times in 20 minutes? It's a scam :)

  • DnA-bargain on 18/06/2024 - 23:39

    It's 2024, how does the government define a "family"?

    • browser on 18/06/2024 - 23:55
      +8

      The title is incorrect, co-contribution is assessed individually.

  • jimmy1593 on 18/06/2024 - 23:40
    +14

    Also anyone planning to put in money should not wait until the last day as BPay payments are not guaranteed to process when the financial year end approaches. So ideal time should be to contribute mid next week.

    • HardQuiz on 19/06/2024 - 00:55
      +3

      Some Super even wants it received before 24/6 to allow them time to process it.

      The earlier the better.

    • Mr BoMBAStiG on 19/06/2024 - 06:31

      THIS IS IMPORTANT. Needs to be received and processed by your super account before eofy.

    • souths123 on 19/06/2024 - 07:40

      AustralianSuper have to have it by the 21st, or at least tell them you are doing it by the 21st June at the latest

  • Impulsebuyaddict on 19/06/2024 - 00:34
    +1

    Can this be stacked? What's the coupon code?

    Jokes on me, I'm the target market 🫠

    I'm not poor but I certainly can't afford this without making my home loan interest go up.

    • SeVeN11 on 19/06/2024 - 16:11
      +2

      Your home loan interest is 6%

      If your marginal tax is 34.5% with the Medicare levy and tax is 15% in super.
      You will save 19.5% in taxes at day 0.

      In addition, you super is likely compounding at 8% total return more than your 6%

      ie. You can level up from 'not poor' to "middle class', if you bite the bullet.

      I hear many people saying they can't afford it, but they happily pay the ATO and the Bank first and for some strange reason don't want to pay themselves first.

      If you can't afford it, look to refinance your loan and push the term back to 30 years as it will reduce your repayments, then just pay the minimum while you redirect the money into super to pay yourself first ahead of ATO and the Bank.

      Excuses are for the 'poor' and 'not poor'… Time to level up.

  • barseeker on 19/06/2024 - 01:00
    +2

    So i guess the 10% income from work counts out people not working?

  • lomie on 19/06/2024 - 01:07
    +1

    Any tips or recommendations on a super fund?

    • braddsey on 19/06/2024 - 01:08
      +6

      Hostplus or Rest super are accessible and well rated. Choose a basic index tracker fund within Rest. Low-fee, low-stress.

      • lomie on 19/06/2024 - 02:11
        +1

        Done. Thanks!

      • JamesLu on 19/06/2024 - 10:22

        currently using core strategy, there are 3 options for index, which one need to choose?

  • MeesusEff on 19/06/2024 - 01:21

    Not working currently and hitting the income limits, but never made my own contribution to it before. Do i need to pay taxes or fees on it, or can i just bank transfer in to the super account and qualify?

    and yes i did look it up on the ATO website but no idea what the contributions and deductions mean bc im st00pid i guess lol

    • lordra on 19/06/2024 - 01:57

      The latter.

    • psj2019 on 19/06/2024 - 12:57

      Bank transfer into super and qualify. I did it last year and got it :)

      • MeesusEff on 19/06/2024 - 13:13

        I read further down and saw it also needs some form of employment income :(

  • FOX on 19/06/2024 - 01:23
    +1

    A failed scheme run by incompetent people.
    You would expect on the ATO’s website it will clearly and noticeably show the “50% matching rate”, but it takes a few more clicks and scrolls to see that information, and the wording of it also makes it easy to overlook.
    The info page from the super funds are a lot better than the useless ATO.

  • lordra on 19/06/2024 - 02:01
    +1

    Dear community, stupid question.

    How old must a child be to be eligible for this?

    • lunartemis on 19/06/2024 - 06:48

      Wouldnt you just have to open up a super account? But if your chuld isnt earning anything, the benefit will just get eaten up by the fees eventually?

    • braddsey on 19/06/2024 - 07:49

      The child must pass the income test. If the child earns a taxable income (not from investment) then they’re eligible.

  • scrimshaw on 19/06/2024 - 02:50
    +4

    There is a calculator on ATO / REST's website if you want to estimate how much you'll receive from government co-contribution
    https://www.ato.gov.au/calculators-and-tools/super-co-contri…
    https://rest.com.au/super/grow-my-super/government-co-contri… (This calculator is more straightforward)

    For the folks trying to make sense of the deal:

    If you earn less than $43,445 in 2023-24 financial year, are eligible and make a personal (after-tax) contribution, you could receive a maximum of $500. The government will contribute 50c for every $1 you contribute up to a maximum of $500.

    For those that earn $43,445 ~ $58,445 in the 2023-24 financial year, you get a partial co-contribution. The more you earn, the less co-contribution you’ll receive.

    According to REST, the amount of the government co-contribution reduces by 3.333 cents for every dollar you earn above the lower income threshold, until you reach the higher income threshold ($58,445 for the 2023-24 financial year).

    If you earn over $58,445 or you're ≥71 years old, you aren't eligible.

    • Three on 19/06/2024 - 06:50
      +2

      I earn below the max $58,445. According to their calculator I can get $165 co-contribution if I make a personal contribution of $330. Personal of $1000 still comes out at $165. I'll put in $330 then.

  • moges79 on 19/06/2024 - 05:24
    +3

    Must be just me, but it seems that these schemes (solar battery rebate) are useless for everyday people but great for semi-retired baby boomers? I don't know who would be able to afford putting aside an extra $500 a year when there are earning around $1000 a week. Likewise with the battery rebate.

    • Gavman on 19/06/2024 - 05:59
      +1

      Worse… You Gota put aside $1000 to get the max $500. While the $500 is good it’s not worth chasing if u can’t afford it.

    • 1st-Amendment on 19/06/2024 - 08:55

      but it seems that these schemes are useless for everyday people

      You are starting to realise why people don't like the government interfering in everything…

  • muzzamo on 19/06/2024 - 05:24
    +7

    While we are on the topic of super, it’s worth mentioning that this year is the first year that carry forward contributions expire.

    If you are in a position to max out your $27500 concessionally taxed contribution, you can dip into what you didn’t max out a few years ago and keep putting more in.

    If you have had a lump sum (eg an inheritance!) it’s a good way to save a quite a bit of tax.

    • Mr BoMBAStiG on 19/06/2024 - 06:33

      I really want to do this but I really hate the government and don't trust them over the next 20 years.

Login or Join to leave a comment
Login Join