EOFY Opportunity: Receive Up to $500 Free in Your Super

A Simple Way to Boost Your Retirement Savings

As the end of the financial year approaches, there’s an easy opportunity for eligible young Australians to receive up to $500 from the Federal Government directly into their superannuation account through the Super Co-contribution Scheme.

How It Works – In Just One Easy Step!

If you’re a low-income earner, you may qualify for a government co-contribution when you make a personal after-tax contribution to your super.

To be eligible:

• Earn less than $62,488 during the financial year
• Contribute up to $1,000 of your own after-tax money into your super account
• At least 10% of your income must come from employment or self-employment activities
• The contribution must be made directly by you (not your employer)

How Much Could You Receive?

• If your income is $47,488 or less, you may receive the maximum $500 co-contribution.
• Between $47,489 and $62,488, the government co-contribution gradually reduces.
• Above $62,488, you are not eligible.

Don’t Miss the Deadline

To qualify for this financial year, ensure your contribution reaches your super account before 30 June. We recommend making the contribution at least one week earlier to allow sufficient processing time.

A free boost to your super is always worth taking advantage of – especially when it only requires a simple contribution on your part.

Financial News Update

Record Stamp Duty Revenue Across Australia

If you are thinking about purchasing a home, don’t forget to factor in the cost of transfer (stamp) duty on top of other expenses. 

Stamp duty collections have reached a record $34.4 billion, with the average Australian homebuyer now paying close to $62,000 in stamp duty. Revenue has increased by 83% since 2019.

In Queensland, the stamp duty is calculated by using the dutiable value of the property. The current rates are as follow:

However, depending on your circumstances, you may be eligible for a stamp duty concession in Queensland. Examples include the home concession, first home concession, first home (new home) concession, and first home vacant land concession. Details of these concessions are available on the Queensland Government website.

For eligible first-home buyers purchasing an established home, Queensland provides a stamp duty concession that can reduce stamp duty to nothing for properties valued up to $700,000, with a sliding concession available for properties valued up to $800,000.

The First Home Owner Grant is a separate scheme and is generally available only to eligible buyers purchasing or building a new home. Established homes do not qualify for the grant.

Meanwhile, the ACT continues its transition away from stamp duty, with first-home buyers benefiting from reforms aimed at reducing reliance on what policymakers have described as an inefficient tax on property transactions.

This is a massive win for young Australians, since stamp duty is one of the biggest costs when purchasing a home.

Passport Fees Rival Resource Tax Revenue

If you are planning to travel, the bad news is that Australian passport fees remain among the highest in the developed world. We pay more than double the fees charged in many comparable countries.

Government forecasts suggest passport fees will generate approximately $1.2 billion by 2030, nearly matching the projected $1.25 billion expected from Australia’s Petroleum Resource Rent Tax (PRRT).

Markets Rebound on Positive Global Developments

Global equity markets recovered last week, supported by strong investor sentiment following SpaceX’s record market debut and encouraging developments in ongoing US-Iran peace negotiations.

Investors are watching closely as discussions continue, with hopes that progress may lead to a lasting agreement and greater market stability.

What happens now?

Continue to monitor our page to keep up with what’s happening in the financial world. Our newsletters outline the most important news that impact YOU as young Australians. We focus on one topic per week to help improve your financial literacy and current financial situation.

Disclaimer: The information contained in this newsletter is general in nature and does not take into account your personal financial situation, objectives or needs. Before acting on any information, you should consider whether it is appropriate for your circumstances and, if necessary, seek professional financial advice tailored to your individual situation.