Mercy Super - Always for you

If you are a low or middle income earner, you have a significant incentive to contribute to your super to save for your retirement. The Government co-contribution could mean a super boost of up to $1,000 a year into your superannuation account if you contribute $1,000 or more and you are eligible.

 

You will qualify if:

 

• you make a personal after-tax contribution* to your Mercy Super Account
• at least 10% of your income is earned as an employee, carrying on a business or a combination of both
• you are under age 71 at 30 June 2012
• you are an Australian citizen or permanent resident for this financial year
• you lodge a tax return for this financial year
• your income is less than $61,920** this financial year

 

Co-contributions work on a sliding scale, i.e. the more you earn the less you get.

 

• if you earn up to $31,920 per annum, the Government will match every dollar you contribute to super from your after tax pay, up to a maximum of $1,000 per annum
•  if you earn between $31,920 and 61,920 per annum, the maximum Government co-contribution will gradually reduce until it phases out at an income level of $61,920 for this financial year.

 

All you have to do is:

1. Make an after tax contribution to your superannuation account before 30 June 2012.
2. Lodge your Income Tax Return for the 2012 Financial Year.

 

Your co-contribution will be paid directly to your Mercy Super account once the Tax Office has completed its necessary checks.

 

*If you haven't provided your tax file number to Mercy Super, the Fund will be unable to accept your personal contribution.

 

** Income is defined as assessable income plus reportable employer superannuation contributions and any reportable fringe benefits. A reportable employer superannuation contribution generally include salary sacrifice contributions (unless the employee could not influence the contributions) and other contributions which were influenced or could be influenced by employees.