Reductions to the Superannuation Co-Contribution Scheme
In the 2011-12 Federal Budget, the government announced that the freeze of the indexation applied on the superannuation co-contribution income thresholds will apply for an additional year.
As part of Mid-year economic and fiscal outlook (MYEFO) 2011-12, the government announced further reductions to the co-contributions scheme, for personal contributions made from 1 July 2012.
From 1st July 2012 the current $1,000 Government Co-Contribution will be reduced to $500.This co-contribution will phase out progressively if your income is above $31,920 and will cease altogether once your income reaches $46,920 previously $61,920.
These proposed changes are not law as they have not yet been passed by parliament or received royal assent.
Contact A Grade Tax Accountants Penrith (02) 4731-1405 for tax accounting, superannuation and retirement planning for Individual and Business clients.
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