Super fund question?

[JB80]

I have a question about my super and I was looking for a speciality money forum based in Oz but I can't seem to find many so I figure we have a lot of knowledgeable people here that may be able to help. I suspect I know the answer anyway but no harm in clarifying it up.

Anyway I have at least one super fund that I know of and that has a fairly tiny amount in it but since living abroad there haven't been any contributions for at least 7 years, maybe more and the fees are slowly dwindling what is in there.

As I recall there used to be a fairly generous government co-payment scheme. This has changed somewhat over the years but there still is a scheme in place for low-middle income earners.

Would I be able to still qualify for this even if I am living overseas, I don't have any economic activity in Australia aside from a dwindling super fund and bank account I left open.

Any thoughts on this would be much appreciated.

[Hagar]

You might find the answers you are after on any of the superfund web sites or the Australian Tax Office who seem to administer much of what the super funds can and do, do.

www.ato.gov.au/super/ (http://www.ato.gov.au/super/)

[Allan_L]

It can be confusing.

To be eligible for super co-contributions, 10% or more of your total income must be from eligible income,
which is income from salaried employment or running a business, or a combination of both.
Your total income needs to be under $49,488, and
You need to make eligible contributions to your super fund for the year.

What is your residency status?
If you are a non-resident, for tax purposes,the income attributable to employment outside Australia will not be counted as eligible income.

Does this help? :shrug:

[JB80]

Thanks, that does help and was kind of what I was expecting.

I guess it is the "eligible income" bit in the end as I am a non resident now and would only contribute out of family savings here. With the co payment it would be a good return but without it I'm probably better off putting that money elsewhere, I think.