Superannuation contribution information (2010/2011)

Concessional (deductible) contributions

The maximum deductible contribution applies to contributions made by all employers and self employed deductible contributions.

* Transitional arrangements apply until 30 June 2012

Non-concessional (undeducted) contributions

The maximum personal contribution where a deduction is not claimed.

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Reduced Government co-contribution

The 2010 Federal Budget announced that from 1 July 2010, 

• it would permanently retain the co-contribution matching rate at 100%; and
• the maximum co-contribution that is payable on an individual's eligible personal non-concessional super contributions at $1000

They also announced they would freeze the super co-contributions indexation rate applied annually to income thresholds for 2010-11 and 2011-12 at

• $31,920 (the lower income threshold)
• $61,920 (the higher income threshold)

Eligibility

The super co-contribution is a government measure to boost super savings. If you are a low or middle income earner, you may be able to receive the super co-contribution from the government by making eligible personal superannuation contributions to your fund. You do not have to contribute the full $1,000 to be eligible - any amount up to $1,000 will attract the super co-contribution.

The co-contribution:

• must be preserved in a super fund or retirement savings account - and can only be accessed when other preserved amounts can be accessed
• it is not included as income in your tax return
• will not be subject to tax when paid to the fund or RSA provider
• will not be taxed when received as a benefit.