No this is not a scam! Yes this is legit! Though I am very proud of you for being skeptical because you should be when it comes to your money. However, if you qualify I have a way to make a 50% return for zero risk and boost your super balance in the process.
This is through the government’s superannuation co-contribution scheme. It is really simple. If in the upcoming financial year you earn less than $33,516 and you put a contribution of $1,000 of after tax money into your superannuation account then the government will put in an additional 50 cents for each dollar (up to $500). You put in $1,000 and they give you $500 for free! There are not too many legitimate investments that I know of in which you can a 50% return, for zero risk, guaranteed. It is the closest thing I have seen to money for nothing. Between $33,516 and $48,516 the scheme phases out but you still get a benefit. (Click here for the ATO’s calculator and the full details to see if you qualify). You might qualify if you work part time or if you only work part of the tax year post returning to work. It is definitely something to check out.
Also this year if you earn less than $37,000, the 15% superannuation contributions tax that is paid when your superannuation contributions are made by your employer, will rebated back to your superannuation fund by the government. The official name of the scheme is the Low Income Super Contribution (LISC). If you qualify, this scheme could increase your super balance by up to another $500. Everything helps when you are trying to save for your retirement.
Another way to boost your superannuation for free is to find any lost super you might have. Losing your super is easily done, especially when you have changed jobs a few times. There are three main ways to find your superannuation and the best part is that they are all free!
(1) SuperSeeker: The ATO Super Seeker service searches the ATO’s databases for your lost super accounts. Click here to find out more.
(2) AUSfund: They look after the lost super of many Australians for some of the biggest super funds in Australia. Click here to find out more.
(3) Your Current Super Fund: Often they have a lost super service, where they find your super for you. Super funds have this service as they too are keen to see you boost your super account with them 🙂
Just, while I have you on the topic of superannuation. You should know that this financial year your compulsory superannuation contribution made by your employer have increased to 9.25% of your package from 9%. So everyone who is paying super will be getting a super boost regardless 🙂
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* Please note this is for your general information only and does not constitute financial advice.