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Tax Minimisation

Wednesday, June 27, 2012

Individuals looking to maximise their superannuation dollar, who will earn less than $61,920 in the 2011/12 financial year should look to make an after-tax contribution to their superannuation to qualify for the Government Co-Contribution.

At present the government will match after tax contributions dollar for dollar up to a maximum

of $1,000 for a person earning up to $31,920. The maximum then reduces by 3.333 cents for every dollar of total income, less allowable business deductions over $31,920 reducing to nil at $61,920.

From 1 July 2012, the maximum co-contribution payable will be halved to $500 a year

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