If you make a non-concessional contribution to your super fund before June 30, you may be eligible to a co-contribution from the government, providing a boost of up to 50% on your contribution.
For those who are eligible, the Government Co-Contribution scheme is a great way to increase your retirement savings, with the help of the government. The co-contribution can provide you with up to $500.00 of super contributions, if you contribute a qualifying amount of your own.
To qualify you need to:
What’s most exciting is that this benefit really does add up in your superannuation fund. For a start you effectively receive a 50% return if you qualify for the full benefit and you contribute the $1,000. These funds then work for you up to your retirement.
The information contained in this article is general by nature, and is not all encompassing, nor does it take your personal circumstances into consideration. If you’d like to chat about your specific circumstances, please contact us, or give the team a call.
ClearWay Advice and Financial Management is a Corporate Authorised Representative Representative No.473095 of Keystone Partnership Pty Ltd ABN 22 169 650 720, Australian Financial Services License (AFSL) No.466137.