Opinion
We’ve just waved goodbye to the first week of June, which means you have about two weeks to make two financial moves that could net you a free $500 in your super or a $540 discount on your tax. Or both.
I’m talking about big opportunities for lower earners, one called the super co-contribution and the other, for those who have one, the spouse contribution.
There are plenty of schemes taxpayers can take advantage of to boost their returns. Dominic Lorrimer Both require you to pay money but the payback for doing so is significant. Let’s start with the giveaway requiring the least money: the super co-contribution. This is a free up to $500 paid into your super from the federal government.
The two triggers to receive it are a $1000 after-tax contribution and an income of less than $62,488. You get the full $500 if your income is below $47,488, after which it phases down until it disappears at $62,488 (in the 2025-26 tax year).
You also need to be working in some capacity to qualify for this one: 10 per cent or more of your income must come from employment (full-time, part-time or casual) or helping run a business (self-employment or contr
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