Tips & Strategies

How to collect FREE money from the Government

If you kick your own after-tax money into super, you can tap the government for a matching contribution. If you qualify for the maximum handout, the government will match your contribution dollar for dollar, up to $1,000.

R Leong Co Free money from the GovernmentFree money? Now that’s a good deal!

To be eligible for the maximum handout, your income must be less than $31,921. But you’ll still get something for higher incomes up to $61,920.

And at least 10% of your income must be earned from employment or your business.

To be eligible, you must make sure that the money you put into your super must be after-tax personal contributions. This means employer contributions, salary sacrifice, or deductible personal contributions do not qualify.

Oh, and one more thing, you must lodge your tax return for the year to be eligible.

About the Author

Roland has more than two decades experience as a professional accountant, business and financial adviser, including Australian Taxation Office experience. He has also presented in a number seminars, appeared on radio, and is a published commentator for a number of industry publications.

Roland holds a Bachelor of Economics (Syd), and also holds the designations of Chartered Accountant, CPA, and Financial Planning Specialist.

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