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Re: Super co-contribution

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Newbie

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I've tried getting an answer via ATO pages and staff to this question. This financial year I will make under $1000 from employment, and my only other income will be bank interest. I co-contribute less than $1000 p.a. into my super fund, but my employer does not. There is a 10% rule for income which does not include interest. Am I still eligible for the low income Govt contribution please?  

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Devotee

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Hi Chevy

 

Based on what you've said you'll satisfy the 'at least 10% of your income must come from employment related activities' test.

 

Here's a link to ato.gov.au information about co-contributions eligibility.

 

Contributions from your employer have no impact on co-contributions. If personal contributions are reported to the ATO by a super fund and you aren't claiming / haven't claimed a deduction for them in your income tax return the ATO's systems will determine a co-contribution entitlement and pay it to your super account.

 

I'm an ATO employee voluntarily providing my time here

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Best answer

Devotee

Replies 1

Hi Chevy

 

Based on what you've said you'll satisfy the 'at least 10% of your income must come from employment related activities' test.

 

Here's a link to ato.gov.au information about co-contributions eligibility.

 

Contributions from your employer have no impact on co-contributions. If personal contributions are reported to the ATO by a super fund and you aren't claiming / haven't claimed a deduction for them in your income tax return the ATO's systems will determine a co-contribution entitlement and pay it to your super account.

 

I'm an ATO employee voluntarily providing my time here

Newbie

Replies 0

Thank you very much for your response, as this will save me money. Unfortunately I felt a staff member at ATO call centre was givng me the incorrect information as I was told I would not receive anything if my employer was not contributing! I am grateful you are provding your time.

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