All you need to know about super co-contribution
PREPARING for your future and retirement can be a nerve-racking task but getting in early this year might award you some extra help from the government.
This is where the government's super co-contribution comes in.
Super co-contribution is where the government rewards you with a payment to your super, if you have made a personal payment or are a regular contributor to your own account.
This will be analysed after you lodge your taxes, and your same superannuation account can be granted up to $500.
The actual price is determined after your tax deems you eligible, and the amount you receive will depend on what you earned within the financial year that you contributed to your super.
To receive the maximum entitlement, you must fit into the income threshold that earns between $38,564 and $53,564.
Depending on your situation, co-contributions can be paid directly to you if you have reached an age of retirement and will be accessing your super directly, or if you are the representative of a deceased account holder.