If free money from the Government sounds too good to be true, keep reading.
How does it work?
If you earn under $60,342pa, the Government will top-up any undeducted (i.e after-tax) contributions you make.
If you earn less than $30,342pa and you make a $1,000 after-tax contribution, the Government will contribute $1,500 to your retirement savings.
If you earn between $30,342 and $60,342pa, you can receive a portion of the Government contribution, paid on a sliding scale depending on how much you contribute and how much you earn.
Talk to your financial planner or go to www.ato.gov.au to find out more.
