I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Securing 50% Return on Your Superannuation Contribution

For qualified Australians, when making an after-tax (non-concessional) contribution to your superannuation fund (for qualified Australians, up to $1,000), the government guarantees to pay 50 cents for every dollar contributed, up to $500 of maximum co-contribution.

Moreover, you can select to pay a smaller after-tax contribution, and the federal government will pay 50 cents for every dollar you contribute, with limits, as well as depending on your total income level.

This free money is called a co-contribution, and it is untaxed.

The co-contribution scheme was way more generous before. Since July 1st, 2012, many Australians failed to benefit from on the co-contribution since the ALP government reduced the income thresholds, from $61,920 (an upper-income limit for the 2011-2012 year) and cut it to $46,920 (2012-2013 year). Each year, the income thresholds are indexed. Furthermore, the current maximum co-contribution fee is $500 since July 2012, when it was $1,000 previously. Also, the maximum co-contribution fee was $1,500 before July 2009!

Are you qualified for the co-contribution?

The co-contribution rules explained briefly:
• To be qualified for the co-contribution scheme, you should earn more than 10% of the total income from your eligible employment or more than 10% of the total income you receive from the commencing business or both.
• If you have a total income of $35,454 or less (2015-2016 year), the government contributes $0.50 for every dollar you pay to your superannuation fund in non-concessional dollars, up to $500 of maximum co-contribution per year
• If you earn over $35,454, your co-contribution claim cuts by 3.33 cents for each dollar you make over $35,454 until it reduces out at $50,454 (2015-2016 year).
• You should be under 71 years old at the financial year's end in which you pay your non-concessional contribution to be qualified for a co-contribution.
• Your superannuation fund can't accept non-concessional contributions, or get co-contributions for you if you haven't provided your TFN to your super fund.

Total Income

The co-contribution "total income" threshold is an assessable income, plus the rate of any of your fringe benefits as part of the salary package you have, like a car and any salary sacrifice contributions. Moreover, assessable income takes in net capital gains and bank interest from selling property or shares.

The non-concessional superannuation contribution should be recorded in the super account you have before June 30th, 2016, and your "total income" should be below the abovementioned thresholds to be qualified for the 2015-2016 year co-contribution. Expect the made co-contribution to reach the superannuation account approximately two months once you lodge your 2015-2016 tax return.

You can find more useful information about superannuation on our knowledgebase.

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