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How to make the most of the Governments Tax Bonus paymentHow to make the most of the Government's Tax Bonus payment

Given the current financial climate, and the unprecedented economic downturn over the last 12-18 months, you'll no doubt be looking for the best ways to save and make the most of the Government's tax bonus payment.

Did you know that by spending your $9001 Government tax bonus payment on an extra contribution into your super, you could earn an additional $1,3502 bonus from the Government via the super co-contribution scheme? That takes the total Government handout value to $2,250!2 Now that's smart money making.

How does the Super Co-Contribution work?

If you earn less than $60,342 p.a. this financial year and meet the other eligibility criteria, for every dollar of personal after tax money you contribute to your super, the Government will contribute up to $1.50 - up to a maximum of $1,500 p.a. So why not take advantage of this additional Government bonus?

What do I need to do?

To benefit from the Super co-contribution scheme and make the most of the Government tax bonus payment, all you need to do is contribute the $900 tax bonus payment (or a proportion of) into your super as a one off contribution, before the end of the financial year. For example if you earn $50,342 p.a. and put just $333 of your $9001 Government tax bonus payment into super as a personal contribution before June 30, then under the Super Co-Contribution scheme, the Government will pay an additional $500 into your super fund. You will have just turned your $900 bonus into a $1400 bonus!

BT Super for Life gives you greater control of your super

When Westpac and BT Financial group got together to bring you BT Super for Life, one of the highest priorities was to keep it simple. Find out about BT Super for Life now and how we've made managing your super easier, giving you more control over your financial future.


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Like to know how to find your lost super?

Like to know how to find your lost super?Use the ATO's online Superseeker tool. You'll simply need to enter your full name, Tax File Number and date of birth.

Once you have run the search, the results will be shown. If your search shows you have lost super, then you will simply need to get in contact with the fund providers and talk to them about what you would like to do with your lost super.

1. The amount of the tax bonus payment you will receive, depends on a number of eligibility criteria including your taxable income for 2008/2009 financial year. Some taxpayers may get less than $900.

2. Example based on assessable income and reportable fringe benefits of less than $30,342 p.a. for 2008/2009 financial year and meeting all other eligibility criteria for the tax bonus payment and the super co-contribution scheme.

Things you should know:

Superannuation is a long-term investment. All contributions to a superannuation fund are preserved. The Government has placed restrictions on when you can access your preserved benefits. In general, your benefits will not be able to be paid to you until you are age 65, or have permanently retired and are above your preservation age (currently 55 years to 60 years, depending on when you were born). There are also caps set by the government on the amount of money you can add to superannuation each year on a concessionally taxed basis. Depending upon your age when you withdraw, there may be some tax payable on withdrawal. This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. For more information please refer to the Product Disclosure Statement (PDS) for BT Super for Life which can be obtained by visiting www.btsuperforlife.com.au, calling 1300 653 553 or visiting any Westpac branch. You should obtain and consider the PDS before deciding whether to acquire, continue to hold or dispose of interests in Bt Super for Life. BT Funds Management Limited (BTFM) ABN 63 002 916 458, AFSL No. 233724, RSE No. L0001090 (BTFM) is the Trustee of BT Super for Life ABN 53 398 474 034, RSE No. R1071221 and is the issuer of interests in BT Super for Life. BTFM’s Financial Services Guide can be obtained by calling 1300 653 553 or visiting www.bt.com.au. An investment in BT Super for Life is not an investment in, deposit with or any other liability of Westpac Banking Corporation ABN 33 007 457 141 (the Bank) or any other company in the Westpac Group. It is subject to investment risk, including possible delays in repayment of withdrawal proceeds and loss of income and principal invested. The Bank is not the issuer of BT Super for Life. Neither the Bank nor any other company in the Westpac Group stands behind or otherwise guarantees the capital value or investment performance of BT Super for Life. © BT Financial Group Pty Limited 2009 The Information is current as at 20 April 2009.