With the 2011 end of financial year just about wrapped up, we would like to inform you about your super co-contribution and concessional contributions for which you may be eligible.
You could be eligible to receive up to $1,000 from the government just by adding some extra money to your superannuation.You can also reduce your tax payable by making concessional contributions to your superannuation fund.
Is there a deadline?
YES, you must make your contribution by 30th June 2011 in order to receive the 2011 co-contribution.
What is a concessional contribution?
Concessional contributions are paid to a super fund before tax is taken out of your wage.
- The mandatory 9% superannuation paid by your employer
- Any extra money that you pay directly to the super fund
- Any money you pay to the fund and get a tax deduction for if you are self employed
What is the concessional contributions cap?
Contributions made by you up to the following amounts will only be taxed in the super fund at 15%. You must be careful not to exceed the annual cap as the excess amount will be taxed at a high rate.