In preparation for 'simpler super' the commissioner has released a series of factsheets to help people understand what is fact or fiction when it comes to superannuation.
Super Co-contributions
Super Co-contributions
Myth
Contributions that come out of my salary or wages before tax has been taken out count towards getting the Super Co-contribution.
Fact
One of the rules for the Super Co-contribution is that you have to make personal contributions and do not claim an income tax deduction for the contribution. Most employees will not be able to claim a deduction for personal contributions they make. From 1 July 2007 the Super Co-contribution is being extended to the self employed.
Tip
You don’t need to wait until the end of the financial year to make one big contribution. You can also make small regular contributions to take advantage of the Super Co-contribution.
Contributions that come out of my salary or wages before tax has been taken out count towards getting the Super Co-contribution.
Fact
One of the rules for the Super Co-contribution is that you have to make personal contributions and do not claim an income tax deduction for the contribution. Most employees will not be able to claim a deduction for personal contributions they make. From 1 July 2007 the Super Co-contribution is being extended to the self employed.
Tip
You don’t need to wait until the end of the financial year to make one big contribution. You can also make small regular contributions to take advantage of the Super Co-contribution.
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