In addition to the super guarantee contribution by your employer, you can increase your super by reaching into the salary sacrifice arrangement by making yourself contributions or you can be eligible for contributions by government. If any person is eligible for super contributions, every month their employer must pay at least 9.5% into the super accounts from their ordinary time earnings such as commissions, bonuses, allowances, over award payment and paid leave. A Person may be suitable for either low income super contribution or super co –contribution or they may contain both, that means government also adds to super and they don’t want to apply for these LISC or co-contribution payments. If a person is eligible, their fund have their tax file number so that person will get fund automatically. If you are middle or lower income gainer and make a personal super contribution to super fund of yours.
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April 2020
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