If we contribute to super will the government co-contribute?
Q.
My son who is 17 years old has just started his first job - nine
hours a week - while at school. He will be going to uni next year
and will keep his part time job and will most likely get extra
hours. I read/heard somewhere we may be able to open a super
account for him and do volunteer payments of about $20+ week and
the government will co-contribute. Is this correct and how do we go
about organising this for him? This will give him a great start to
his super once he starts in the work force full time.
A.
I agree it will be a great start for his super. Any financial
adviser will be able to point you in the right direction, but bear
in mind the contribution will need to be a non deductible one, not
one for which anybody claims a tax deduction.
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