Using the free Governement money to make more free government money!!!

[Andrew Williams]

Just thought that this may be something worth considering.

This is an example of how people eligible to receive the $900 government stimulus payment may be able to utilise this to create more free government money.

For those not aware, there is a Government Co-contribution available for certain workers earning under a certain amount.

This co-contribution is paid as a tax free payment in to a person's Superannuation fund if they are one of these workers that meet the criteria and have made a voluntary payment in to there Super fund.

So for example if somebody is earning under $30,342 and contibuted there $900 government payout in to there Super fund the Government would then add as a co-contribution $1,350 so a total of $2,250 free government money!!

This co-contribution is available to people earning up to $60,342 but reduces on a sliding scale.

So another example would be for someone earning $50,000, the maximum co-contribution they would receive would be $517 but they would only need make a voluntary contribution of $345 to get this.

So maybe something worth considering if eligible.

(Sorry to be boring but of course this is only generic information and not advice).


Regards

Andy

[Andrew Williams]

Sorry, should just add that the Government co-contribution is only open to permanent residents of Australia.