Superannuation contributions are a great way for family day care educators to invest in their future and to reduce their taxable income position.
You may also be eligible for the super co-contribution payment. If you’re eligible and you make personal super contributions, the government will match your contribution up to a maximum amount of $500.
When you lodge a tax return, the ATO will work out if you’re eligible. If the super fund has your tax file number (TFN) they will pay it to your super account automatically.
How much super co-contribution could I be eligible for?
Use the ATO calculator.
When should I have made my superannuation payment by?
The Superannuation Funds or Clearing Houses need to receive your superannuation contributions before 30 June 2017 for them to count towards the 2016-2017 tax year and might have their own earlier deadlines. Late receipts by your Superannuation Fund will only reflect as a tax deduction in next year’s tax return. So make sure you find out your Superannuation EOFY deadlines and get your superannuation contributions in way before 30 June.