SUPERANNUATION CO-CONTRIBUTIONS

In the mid-year economic review the government announced further restrictions on the superannuation co-contribution scheme which allows individuals to receive a superannuation top-up from the government for any after tax superannuation contributions. The new rates for the next two financial years are as follows:

We note that the thresholds are based on the taxable income of the respective individual and any co-contribution is paid directly to a superannuation fund.