Announcements
Have you sold crypto, shares or property? Our new capital gains tax guide has info about cost bases, calculations & more! Still got questions? Ask the Community!

ATO Community

Re: Am I Eligible For Government Super Contributions If My Business Makes A Loss In The Financial Ye

Initiate

Views 846

Replies 2

I carry on a business as a sole trader and have been moderately profitable in the previous financial years since the beginning of my business. In order to save money for developing my business I have never contributed to my super. I only learned about the government super contributions, e.g. super co-contribution and low income super tax offset, lately. I would like to start contributing to my super, however my business is likely to make a loss this financial year. Apart from the loss from my business, the only income I would get in this financial year would be several thousand dollars of bank interest. 

Would I be eligible for the government super contributions this financial year? Need help urgently. Thank you very much!

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 1

Hi @RS537173 

To be eligible for the co-contribution scheme 10% or more of your income must come from employment, carrying on a business or a combination of both. Please see Co-contribution eligibility .If your business income is less than zero and you have no other employment or business income unfortunately you will be ineligible for the scheme. If you are looking to build up your superannuation you may want to visit a financial advisor to find out what is best for yourself. All the best for the coming year.

regards

ClareN

2 REPLIES 2

Most helpful response

Former Community Support

Replies 1

Hi @RS537173 

To be eligible for the co-contribution scheme 10% or more of your income must come from employment, carrying on a business or a combination of both. Please see Co-contribution eligibility .If your business income is less than zero and you have no other employment or business income unfortunately you will be ineligible for the scheme. If you are looking to build up your superannuation you may want to visit a financial advisor to find out what is best for yourself. All the best for the coming year.

regards

ClareN

Initiate

Replies 0

Thank you very much! Really appreciate your answer.