How to get more out of the government (super co-contributions) | Super made Simple | First Super

Описание: In this video Andrew Jewell, along with Jayson and Daniela, discuss ways to maximize government contributions to superannuation (retirement savings). They highlight two types of contributions: co-contributions and spouse contributions.

Co-contributions involve making after-tax contributions to superannuation. The government co-contributes 50 cents for every dollar contributed, up to certain income limits. This free money from the government is triggered when you include the contribution in your tax return, and the government automatically adds the corresponding amount to your superannuation account.

Spouse contributions work similarly. If your spouse's income is below a certain threshold, you can contribute money to their superannuation. The government provides a tax rebate of up to $540 for this contribution, which you receive during tax time.

Super Co-contribution Factsheet: https://www.firstsuper.com.au/doc/sup...

The information is this video was correct at the time of publication, but may have changed since then. Updated information about superannuation, the age pension and the retirement standard are available via the websites below:

• Superannuation – First Super: https://www.firstsuper.com.au/ or Australian Taxation Office website: https://www.ato.gov.au/
• Age Pension – Centrelink: https://www.servicesaustralia.gov.au/...
• Modest and Comfortable Lifestyle – ASFA Retirement Standard: https://www.superannuation.asn.au/res...

Everyone’s superannuation needs and financial situations are different. First Super members can access personal advice related to their First Super account at no additional cost. Want to learn more? Contact our Financial Advice Team today: https://www.firstsuper.com.au/advice/...