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What contributions qualify for Super Co-contribution?
Personal contributions to the following RBF schemes and accounts are eligible:
- Contributory Scheme
- State Fire Commission Superannuation Scheme
- Tasmanian Ambulance Services Superannuation Scheme
- RBF Investment Account
The following superannuation payments do NOT qualify:
- Superannuation payments made by your employer
- Salary sacrifice contributions to any scheme or account (pre-tax contributions)
- Contributions for which a tax deduction has been claimed by a person who is self employed
- Contributions made into your superannuation by your partner or another person
Who qualifies for the Super Co-contribution?
To qualify for a Super Co-contribution, you must satisfy all of the following requirements:
- Have made a non-concessional (personal) contribution to your superannuation account during the financial year
- Have a total income (taxable income plus reportable fringe benefits plus reportable superannuation contributions plus tax-free pensions or benefits) of less than $61,920 for 2009-10
- Have had 10% or more of income from eligible employment, running a business or a combination of both
- Lodge an income tax return for the financial year
- Be less than 71 years of age at the end of the financial year in which you made personal contributions
- Not hold an eligible temporary resident visa.
Reportable superannuation contributions include salary sacrifice and contributions for which you intend to claim a tax deduction.
Eligible employment generally means anything resulting in your being treated as an employee.
How much Super Co-contribution will I receive?
The rate of the Super Co-contribution matches 100% of your contributions up to the maximum available for your income.
Total income $31,920 or less:
Total income higher than $31,920 but less than $61,920:
- $1000 less 3.33 cents for every dollar income over $31,920
Total income $61,920 or over:
- No Super Co-contribution is available.
Your total income is your assessable income plus reportable fringe benefits plus reportable employer superannuation contributions.
Rules have changed in relation to Salary Sacrifice contributions. From 1 July 2009 you can no longer use Salary Sacrifice to lower your assessable income to gain access to the Super Co-contribution.
The table below gives an indication of the Super Co-contribution available at different salary levels if you satisfy all the criteria to be eligible.
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If your personal super contribution is: |
| |
$1,000 |
$800 |
$500 |
$200 |
| Your income is: |
Your Superannuation Co-contribution will be: |
| $31,920 or less |
$1,000 |
$800 |
$500 |
$200 |
| $33,920 |
$933 |
$800 |
$500 |
$200 |
| $35,920 |
$867 |
$800 |
$500 |
$200 |
| $37,920 |
$800 |
$800 |
$500 |
$200 |
| $39,920 |
$733 |
$733 |
$500 |
$200 |
| $41,920 |
$667 |
$667 |
$500 |
$200 |
| $43,920 |
$600 |
$600 |
$500 |
$200 |
| $45,920 |
$533 |
$533 |
$500 |
$200 |
| $47,920 |
$467 |
$467 |
$467 |
$200 |
| $49,920 |
$400 |
$400 |
$400 |
$200 |
| $51,920 |
$333 |
$333 |
$333 |
$200 |
| $53,920 |
$267 |
$267 |
$267 |
$200 |
| $55,920 |
$200 |
$200 |
$200 |
$200 |
| $57,920 |
$133 |
$133 |
$133 |
$133 |
| $59,920 |
$67 |
$67 |
$67 |
$67 |
| $61,920 |
$0 |
$0 |
$0 |
$0 |
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To calculate your maximum Super Co-contribution use the Australian Taxation Office online calculator to work out how much Super Co-contribution you may receive.
Has the Super Co-contribution rate changed?
With the current economic downturn, the Australian Government has lowered this payment for a brief period of time.
From 1 July 2009, the Government will temporarily reduce the co-contribution from $1.50 to $1.00 for each $1 contribution made during each financial year until 30 June 2012. This means the maximum payment will be $1,000 during those years. The rate will increase to $1.25 for contributions during 2012-13 and 2013-14 where a $1,250 maximum payment will apply.
| 2008-09 |
2009-10 |
2010-11 |
2011-12 |
2012-13 |
2013-14 |
| $1.50 |
$1.00 |
$1.00 |
$1.00 |
$1.25 |
$1.25 |
The Super Co-contribution payment remains a very generous incentive for RBF members to save for their retirement.
How do I make personal contributions to RBF?
As a member you can make personal contributions in any of the following ways:
- you can arrange to make regular salary deductions from your after-tax salary. Complete the Election to Pay Contributions into the RBF Investment Account form or contact us. If completing the form, please return it to RBF using the address on the top of the form.
- individual payments can be made directly to RBF by cheque (or cash at our Hobart office). RBF will notify you in writing when your payment is received
- you can arrange to make regular payments via direct debit from your bank or credit union account. Complete a Direct Debit Application form and return it to RBF using the address at the top of the form.
- you can direct deposit individual amounts from your bank or credit union account. Complete a step-by-step Deposit form and return it to RBF using the address at the top of the form. RBF will notify you in writing when your payment is received.
- members of the RBF Contributory Scheme can make extra payments to their super by completing the RBF Contributory Scheme Election to Vary Contributions form and returning it to RBF using the address at the top of the form.
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