SPEC Super - generating wealth An Industry SuperFund

If you have not yet checked your eligibility, you may be missing out on potentially hundreds of dollars in superannuation savings.

 

To qualify for the co-contribution you need to make a personal contribution (after tax) to your super, have a total income (comprising assessable income, reportable fringe benefits and reportable employer superannuation contributions) of less than $61,920 in the 2010/2011 financial year, and lodge your income tax return with the Australian Taxation Office (ATO). Other criteria does apply.

 

The amount of co-contribution you will receive depends on:

• your total income*; and
• how much you contribute to your super.

If you are eligible, then for every $1 you contribute the Federal Government will contribute $1 to your super, up to a maximum co-contribution of $1,000.

 

Give your super a helping hand, get more information about the co-contribution from SPEC Super. 

 

Temporary residents are not eligible for the co-contribution.  To check your eligibility, please refer to the attached link - ATO Super co-contributions Eligibility.

 

* Please note - income is defined as assessable income plus reportable fringe benefits plus, from 1/07/2009, reportable employer superannuation contributions (RESC).  RESC is generally superannuation contributions which you have asked your employer to make as salary sacrifice (before tax) or additional employer contributions (in addition to Superannuation Guarantee or award contributions) paid on your behalf as part of a remuneration package.  Consult your employer to identify the likely RESC for the financial year.