Co-contribution
To help lower Government expenditure, the matching rate and maximum amount for the co-contribution initiative has been reduced. Despite the reduction, this initiative remains one of the most appealing ways to boost a super balance.
This year the maximum co-contribution amount is set at $1,000, with all eligible contributions matched dollar for dollar. The previous maximum of $1,500 per annum and matching rate of $1.50 for all eligible contributions will be reinstated on 1 July 2014. To qualify this year, members must have a total income of less than $61,920 per annum and make a personal (after-tax) contribution into super; other criteria must also be met including lodging a tax return for the 2009/10 financial year.
For details on the co-contribution initiative, visit VicSuper's website.