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Taxable income only new start allowance, Eligible for gov co-contribution

Newbie

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I’m unclear about eligibility for receiving max $500 super gov co-contribution while I was unemployed past financ year n survived on NS allowance. I did make personal super contribution... please advise. Thank you
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Most helpful response

Taxicorn Registered Tax Practitioner

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I’m unclear about eligibility for receiving max $500 super gov co-contribution while I was unemployed past financ year n survived on NS allowance.

 

I cannot see that you would pass the 10% eligble income test.

 

From ATO:

 

Examples of eligible income

Working out the exact total income and eligible income may be complex, depending on your circumstances. You may need to seek professional advice to assist you.

Generally, income that is related to employment or business is eligible income – for example:

  • salary and wages
  • business income earned as a sole trader or in a partnership
  • director fees.

The following types of income are not eligible income for super co-contribution purposes:

  • non-business partnership distributions
  • distributions from a trust
  • income from individually or jointly held assets, such as interest, rent and dividends
  • income related to another year of employment, such as employment termination payments and lump sum payments.

https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/super-co-contribution/?anchor=...

 

1 REPLY 1

Most helpful response

Taxicorn Registered Tax Practitioner

Replies 0

I’m unclear about eligibility for receiving max $500 super gov co-contribution while I was unemployed past financ year n survived on NS allowance.

 

I cannot see that you would pass the 10% eligble income test.

 

From ATO:

 

Examples of eligible income

Working out the exact total income and eligible income may be complex, depending on your circumstances. You may need to seek professional advice to assist you.

Generally, income that is related to employment or business is eligible income – for example:

  • salary and wages
  • business income earned as a sole trader or in a partnership
  • director fees.

The following types of income are not eligible income for super co-contribution purposes:

  • non-business partnership distributions
  • distributions from a trust
  • income from individually or jointly held assets, such as interest, rent and dividends
  • income related to another year of employment, such as employment termination payments and lump sum payments.

https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/super-co-contribution/?anchor=...