Maximising Your Entitlements

Part 5 of CPA Australia's 30 Ways to Build Your Wealth series explores ways to maximise your wealth through superannuation, insurance and tax benefits.

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Summary

1. Co-contributions

Co-contributions are a relatively new initiative where the government matches after-tax superannuation contributions made by low-income earners.

2. Spouse contributions

A spouse rebate of up to $540 applies where a taxpayer contributes to a superannuation fund for the benefit of a low income or non-working spouse.

3. Health insurance

If you earn more than $50,000 (or $100,000 as a couple), it’s worth considering private health insurance as the cost could be the same as, or only marginally more than the additional Medicare levy you would otherwise have to pay.

4. Maximising family payments

The government offers at least half a dozen different payments to families with children, depending on your circumstances. Make sure you fully investigate all of your entitlements.