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Grow your super with government money!
 150% return
For every $1 of your after-tax money you invest in your super, the Government could match it with a co-contribution of $1.50. That’s a whopping 150% return on your investment!
Up to $1500
The co-contribution scheme could reward you with up to $1500 of super savings if your income is $28 980 (2007/08 financial year) or less and you invest $1000 in your super.
As your income grows, the $1500 co-contribution reduces on a sliding scale until it cuts out altogether when you earn $58 980 or more.
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Work out how much extra super you could get
The table below gives an indication of how much the co-contribution would be at broad bands of assessable income.
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Who is eligible?
To be eligible for the Government co-contribution, you must:
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Make an after tax contribution to your super;
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Have a total income (assessable income plus reportable fringe benefits) of less than $58 980 (2007/08 financial year);
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Lodge an income tax return for the financial year, in this case 2007-2008;
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Be under 71 years of age at the end of the financial year;
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Be a permanent resident of Australia; and
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Receive 10% or more of your income from eligible employment, from running a business, or a combination of both (self-employed are now eligible for co-contributions).
It is also important for your fund to have your Tax File Number.
It’s easy to organise
To get the current co-contribution, all you have to do is:
Vision will then notify the ATO about your contribution. The ATO will review your tax return and determine your eligibility.
Assuming you are eligible, the ATO will then pay the co-contribution directly into your Vision Super account. Please note, co-contribution payments from the Government can take up to 12 months to appear in your account.
Maximum superannuation co-contribution entitlements
|
Your assessable income |
Your after tax contribution* |
Government Co-contribution** |
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$28,980 |
$1,000 |
$1,500 |
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$30,980 |
$934 |
$1,400 |
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$32,980 |
$868 |
$1,300 |
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$34,980 |
$800 |
$1,200 |
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$36,980 |
$734 |
$1,100 |
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$38,980 |
$668 |
$1,000 |
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$40,980 |
$600 |
$900 |
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$42,980 |
$534 |
$800 |
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$44,980 |
$468 |
$700 |
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$46,980 |
$400 |
$600 |
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$48,980 |
$334 |
$500 |
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$50,980 |
$268 |
$400 |
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$52,980 |
$200 |
$300 |
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$54,980 |
$134 |
$200 |
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$56,980 |
$68 |
$100 |
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$58,980 |
$0 |
$0 |
* Your after tax contribution Government co-contribution
** The government co-contribution is calculated using your total incone (assessable income plus reportable fringe benefits). If you currently have a salary sacrifice arrangement with your employer, please be aware that your assessable income will be reduced by the amount of salary that you sacrifice. This may increase your eligibility for the co-contribution.If you have a query, contact our friendly Member Services staff on (03) 9911 3222 (regional 1300 300 820).
Do it now!
You don’t have a lot of time to contribute for the current (07/08) financial year. It closes on 30 June 2008. You can make your contribution to Vision either by cheque, BPay or Direct Credit. Click here for instructions on how to work out your BPay number.
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We can help
If you would like any help assessing your eligibility or calculating the extra super you might get, contact our friendly Member Services staff on (03) 9911 3222 (regional 1300 300 820). They can help give your super a boost! |
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