How much is the government 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 are the 3 types of super contributions?

There are essentially two types of super contributions you can make: concessional, and….Super contributions

  • compulsory employer superannuation guarantee contributions,
  • salary sacrifice arrangements, and.
  • any personal super contributions that you claim as a tax deduction.

Can I contribute to my partners super?

You can also contribute to your partner’s super by splitting up to 85% of your before-tax super contributions. Before-tax contributions include employer contributions, salary sacrifice contributions you make and any after-tax contributions you make that you claim a tax deduction for.

How does the super co-Contribution work?

Super co-contributions help eligible people boost their retirement savings. 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.

Can I contribute super for my wife?

Spouse superannuation contributions can now be made for spouses earning up to $40,000 per year. If your spouse has earnings below $37,000 you can claim the maximum tax offset of $540 when you contribute $3,000 to his/her super.

What is the maximum government co-contribution?

The amount you’ll receive depends on how much you earn and how much you contribute. If you earn less than $41,112 (the lower limit for the 2021/22 financial year), then for every dollar you pay in the Government will add 50 cents, up to a maximum of $500.