I have received $18500 in Jobseeker payments this (2023-24) financial year and $5700 in bank interest. I have not paid tax on either of these amounts.
I want to add some extra to my super, but I’m struggling to figure out how much to personally contribute to my super to get the maximum benefit/deductions.
I’m not sure if I can claim co-contribution as I am yet to pay tax. I have seen examples of contributing $4000, but only claiming $3000. Although I’m not sure if this applies to me as like I said, I have not paid any tax yet. Do I need to fill out an Intention to Claim form, etc.?
With the LITO, from what I can see, there’s not much point in the lowering my taxable income to much less than $22k. So do I only contribute about $2200?
What steps do I need to take when submitting my personal contributions and what amount is best?
Many Thanks!
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