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Co-Contribution Scheme.

Once again this program has been revised. In 2012/13 the Federal Government will pay a maximum of $500 – a contribution of upto 50 cents for every dollar of an after tax contribution.

The eligibility criteria has also changed as follows:
* have a total income of less than $46, 920
* be less than 71 at the end of financial year
* earn at least 10% from eligible employment, running a business or both

The maximum co-contribution will be for those who earn $31,920 or less. A $1000 personal contribution will earn a $500 bonus.

Care must be taken (especially for those self employed) to calculate your annual income to avoid ‘over contributing’.

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