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Re: Super Co-Contribution

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Enthusiast

Views 271

Replies 4

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:

  • Interest, dividends, royalties, rent and other non-business investment income (note: if you are the sole owner of the investment enter gross income. If you are a joint owner of the investment enter only your share of the net income from each investment – do not include any net losses.)
  • Net capital gains

 

Question:

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.

 

Thanks

 

Hopefully that makes sense!.

 

 

 

 

 

 

 

 

 

 

 

1 ACCEPTED SOLUTION

Accepted Solutions
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4 REPLIES 4
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Taxicorn

Replies 3

@Jonty 

 

It will include all the income that you would record on your tax return.

Dividends paid as extra shares also count.

 

 

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Enthusiast

Replies 2

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?

 

 

 

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Enthusiast

Replies 0

Thank you