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I am a low ncome earner and understand if I making a personal contribution to my superannuation fund, the goverment may be a co-contribution to the maximum of $500 based on the eligibility criteria .
My Question is with respect to : Other income:
Do you have any other income that you were paid in the 2019-20 income year:
Is the other income an amount actually paid into my bank account (eg bank interest)?
Dividends - Is this inclusive of dividends reinvested into my managed investment fund.
Hopefully my question makes sense. Essentially, I am trying to make a personal contribution of $1,000 and receive the gov-co contribution of $500. My employment income is approx $15K but taxable income is dependant on income reinvested into my managed fund.
Hopefully that makes sense!.
Thank you - I thought that may have been the case.
I am assuming as a best guess - I can take last years taxable income and use that as a basis in determing the co-contributing amount which I believe is tappered after $38,564 to a max of $53,564.00?