How do I find my super co-contribution?
Eligibility for the super co-contribution
- have made one or more eligible personal super contributions to your super account during the financial year.
- pass the two income tests (income threshold and 10% eligible income tests)
- be less than 71 years old at the end of the financial year.
What is the maximum co-contribution?
If you’re a low or middle-income earner and make personal (after-tax) contributions to your super fund, the government may also make a contribution (called a co-contribution) up to a maximum amount of $500. The amount of government co-contribution you receive depends on your income and how much you contribute.
How much is the co-contribution?
How the super co-contribution works in 2021/22. If you earn less than $56,112 per year, the government can contribute up to $500 to your super account in a year. Depending on your income, the government will pay in up to 50 cents for every one dollar you contribute yourself from your after-tax income.
What is the maximum you can pay into super?
$27,500 per year
From 2017, no matter your age, you can contribute up to $27,500 per year into your superannuation at the concessional rate including: employer contributions (including contributions made under a salary sacrifice arrangement) personal contributions claimed as a tax deduction.
What is the superannuation cap for 2020?
$1,565,000
CGT cap amount
| Income year | Amount of cap |
|---|---|
| 2020–21 | $1,565,000 |
| 2019–20 | $1,515,000 |
| 2018–19 | $1,480,000 |
| 2017–18 | $1,445,000 |
Can you contribute to super if you are not working?
Anyone under 65 can contribute to super. It does not matter if you are employed, self-employed, not working or retired. Your spouse and/or employer can also make contributions on your behalf.
How does the Super co contribution scheme work?
The super co-contribution scheme is designed to help retirement savers build their super account balance by providing an additional payment from the government (up to $500) for super contributions you make yourself.
What are the income requirements for a co-contribution?
As noted above, you need to pass two income tests to qualify for a co-contribution payment: Income Test 1. There are two income thresholds for the co-contribution: Lower threshold ($39,837 for 2020/21) Higher threshold ($54,837 for 2020/21)
How does the ATO pay your super contributions?
Generally, the ATO pays the co-contribution directly into the super fund that received your personal super contributions. If you want your co-contribution paid into a particular fund, you need to complete a superannuation fund nomination form and send it to the ATO before lodging your annual tax return.
When does the cap for non concessional contributions go up?
Important: The cap for non-concessional contributions will increase from $100,000 per year to $110,000 per year from 1 July 2021 (for the 2021/22 financial year onwards). The figures in this article refer to the current non-concessional contributions cap, which is $100,000 per year for the 2020/21 financial year.