Cashing in on the co-contribution rules
The Government is giving away money to anyone who makes an after-tax contribution to their superannuation fund, and who earns less than $48,516 a year (for 2013/2014). The giveaway is known as the co-contribution scheme.
You receive a tax-free contribution from the Government when you make an after-tax contribution to your super, subject to you satisfying a work test, an income test and an age test.
If you earn $33,516 or less (for 2013/2014), the Government pays 50 cents for every dollar you contribute to your super fund in after-tax dollars, up to $500 a year.
For example, if you make a $1,000 after tax contribution and your income is less than $33,516 (for 2013/2014), then your super fund receives a $500 tax-free contribution from the Government.
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