Have you ever stopped to think how you are going to prepare for retirement? How much are you earning? If your income is less than $46,920 annually, then you should know that you can actually take advantage of the superannuation co-contribution scheme offered by the Federal Government.

What Is It?

The superannuation co-contribution scheme generally means that on top of the employer putting a certain percentage of your income in the superfund, you also have an option a little extra. And the great news is the government will pay $.5o for every dollar that you contribute. This is up to a maximum of $ 500 every year.

However, in order to be eligible it is important that you make contribution from the after tax income of your superfund and make it before June 30^th of every year.

How?

How do you get to do this? The choice is yours. Among the popular options is to take advantage of this particular scheme but coordinating with your employer to take $ 40 to $80 every month out of the after tax salary and deposit it into the superfund.

Another option is to add lump sum deposit to the super fund. Either way, these small contributions can make a significant difference to your wealth later in life.

What about self-employed individuals? You can also make a claim for personal superannuation contributions. This will of course differ depending from your personal circumstances.