Free money

[Guest Chelseadownunder]

Free money...Not such a thing...

 

Hi Guys,

 

As we fast approach the end of the tax year I thought I should remind everyone of the Government Co Contribution into super available.

This is where the government matches your personal contribution into super.

It max`s out at $1000 for $1000 personal contribution and is on a sliding scale.

For incomes from $31,920 to $61,920 the benefit decreases the more you earn.

 

The calculator link is below. You will need to enter a figure into the box that says if you are making personal contributions into super. I usually put $1000 and then at the end I get the figure the government will match. When I have this figure. Eg

If your income is $40k for the tax year and you have no other income the calculator shows $731 at the end.

 

Therefore if you pay in $731 this is the estimated figure you will get matched.

 

You need to have some income however small to get the co contribution. I did the calculator with an income of $1 and you still get $1000 for $1000.

 

http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=superc_calc.xr4&go=ok

 

This should not be taken as financial advice. Each persons circumstances is different.

[tean]

Hi,

Not too sure how the whole pension thing works. I currently have an NHS pension and don't know if it's best to freeze it or transfer it? All seems very complicated to me!!