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Articles

Superannuation Bonus

2006 — Individual Tax Returns Checklist
2006 — Companies, Partnerships, Trusts and Other Businesses Checklist
Cosmetic Procedures no Longer Qualify for Medical Expenses Offset
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Salary Packaging Opportunities
Accounting Standards Deadline Looms
Splitting Super Contributions
Super Guarantee Contribution Penalties
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Investment Property Deductions
Property Trusts

Superannuation Bonus

Where else can you get 150% return on your money risk free?  This is what’s on offer from the Australian Government to assist eligible individuals to save for their retirement.  There is only a limited time left to take advantage of the superannuation giveaway for 2005/06.


For taxpayers who are eligible and make personal superannuation contributions, the Government will match their contribution with a co-contribution up to certain limits.  An added benefit is that the receipt of this amount by the superfund is treated as an undeducted contribution (no 15% contributions tax) and does not count towards the taxpayer’s Reasonable Benefits Limit (RBL).

 

Although the RBL is proposed to be abolished from 1st July 2007, it is still relevant at $648,946 for lump sums and $1,297,886 for pensions until then.

 The 150% bonus applies for incomes (gross not taxable) under $28,000 and scales progressively to nil at $58,000.

22nd-June-2006