GOVERNMENT CO-CONTRIBUTION

AM I ENTITLED TO RECEIVE THE GOVERNMENT CO-CONTRIBUTION?

You may be entitled to receive the Government Co-contribution if:

• Westscheme has your Tax File Number (TFN);

• you make a personal (after-tax) contribution by 30 June 2011 into your Westscheme account;

• your total income* is less than $61,920 per annum;

• 10% or more of your total income* is from eligible employment, running a business or a combination of both (including self employment);

• you are less than 71 years of age at the end of the financial year;

• you do not hold an eligible temporary resident visa at any time during the financial year; and

• you lodge an income tax return.

 

HOW MUCH COULD I RECEIVE?

The amount of co-contribution you may receive depends on your total income* and the personal (after-tax) contributions that you have made during the financial year.  For the 2010/11 financial year, you may have your personal contributions matched up to $1,000, depending on your total income*.

*total income includes your salary/wages and business income.  It also includes other income such as interest, rent or dividends, reportable fringe benefits, plus any reportable superannuation contributions (shown on your payment summary). Reportable superannuation contributions include salary sacrificed contributions made on your behalf.

You do not need to apply for the Government co-contribution. The Australian Taxation Office will work out if you are entitled to receive it using information from your superannuation fund and your tax return.

The Government co-contribution will be paid directly into your superannuation account or Retirement Savings Account (RSA) using payment rules set out in the TaxPack.

Other conditions apply, visit www.ato.gov.au, read Westscheme's Fundamentals guide or contact Westscheme for further information.

The tables below indicate the level of Government co-contribution you may be entitled to in the 2009/10 and 2010/11 financial years based on the amount of after-tax personal contribution you make in the applicable year:

Note: the income thresholds for co-contribution eligibility and the Government matching rate are the same for the 2009/10 and 2010/11 financial years and will also remain the same in the 2011/12 financial year.