$1000 from the Government!1
It’s never too early to begin thinking about your retirement. In fact, the earlier you start preparing the faster you will grow your wealth and the sooner you will be able to stop working.
Putting a little bit of money aside in one of our savings accounts is a good way to begin the process. We can also help you to take the big step of buying your dream house, a major investment that has served many people well in reaching their retirement goals.
As part of our commitment to you, we would like to bring your attention to a Government scheme in which you receive money for making a voluntary super contribution.
If you have a taxable income of less than $60,000 per year you are eligible to receive a super contribution of up to $1000 from the Government. To get this money all you need to do is put some extra money into your superannuation account before the end of the financial year. The Government will then kick in with some extra cash that will help to make your retirement that much sweeter.
The cash give away is part of the little known super co-contribution scheme that has been running for several years. The way the scheme works is that the Government matches any super contribution up to a certain amount based on a person’s salary. For example, if you have an assessable income of up to $31,920 you can put $1000 into your designated super account and the Government will match your money and put in another $1000.
As salaries get closer to the $60,000 mark, the amount the Government will match decreases. For a person earning $41,920 annually, the contribution is capped at $733 per year. At $55,920 the Government will match only $200.