Super Co-Contribution Our core purpose is ‘HELPING CLIENTS ACHIEVE FINANCIAL SECURITY’ MULCAHY & CO | P 03 5330 7200 | INFO@MULCAHY.COM.AU | 300B GILLIES ST NTH, BALLARAT
The super cocontribution is intended to help eligible people boost their retirement savings. If you are a low or middle-income earner and make non-concessional (after-tax) super contributions to your super fund, the government also makes a contribution (called a co-contribution) up to a maximum amount of $500 (for every $1 you deposit as a non-concessional contribution, the government will match up to 50cents). The amount of government co-contribution you can receive depends on how much you contribute and what your income is. You don’t need to apply for the cocontribution. If you’re eligible and the fund has your tax file number (TFN) the Australian Taxation Office will pay it to your fund account automatically.
You will be eligible for the super co-contribution if you can answer yes to all of the following: •
you made one or more eligible non-concessional (after tax) super contributions to your super account during the financial year;
•
you pass the two income tests 1.
your total income for the financial year is less than $50,454 (for 2015-16)
2.
10% or more of your total income comes from eligible employmentrelated activities or carrying on a business, or a combination of both;
•
you were less than 71 years old at 30 June, 2016;
•
you lodged your tax return for the relevant financial year;
•
you did not hold a temporary visa at any time during the financial year (unless you are a New Zealand citizen or it was a prescribed visa).
You are not entitled to a super cocontribution for personal contributions you have been allowed as a tax deduction.
WHAT DO I NEED TO DO TO BE ELIGIBLE FOR THIS SUPER CO-CONTRIBUTION BENEFIT? If you haven’t already contributed non-concessional contributions during the 2015-2016 financial year, to receive the super cocontribution you need to deposit an amount of up to $1,000.00 into your superannuation account BEFORE 30th June, 2016. It is imperative that the deposit is received into your superannuation fund before this date.
At Mulcahy & Co we are in a unique position to provide the expert advice and solutions of accounting, financial planning, lending, legal and information technology all under the one roof. This makes a normally complicated process seamless to help you on your way to becoming financially secure.
WHAT DOES BEING FINANCIALLY SECURE MEAN? It means assessing your personal and business goals and developing a plan to achieve them. 1. Goals & objectives 2. Estate plan 3. Risk plan 4. Asset protection plan 5. Taxation plan 6. Debt plan 7. Retirement plan 8. Business plan
We offer a free no obligation meeting to review your situation. Call us today on 03 5330 7200 and take advantage of this valuable offer.
IMPORTANT DISCLAIMER: This document does not constitute advice. Clients should not act solely on the basis of the material contained in this document. Items herein are general comments only and do not constitute or convey advice per se. Also changes in legislation may occur quickly and we therefore recommend that our formal advice be sought before acting in any of these areas. This document is issued as a helpful guide to clients and for their private information.
ACCOUNTING | FINANCIAL PLANNING | LENDING | LEGAL | INFORMATION TECHNOLOGY MULCAHY.COM.AU
Are You Financially Secure?
9. Superannuation plan 10. Investment plan FOLLOW OUR 10 STEPS TO SUCCESS TO ACHIEVE FINANCIAL SECURITY... Visit www.mulcahy.com.au for more information
mulcahy.com.au