Co-contribution scheme

As a self employed person it is great to know that I may now qualify for the Co-contribution scheme. I understand that the rules have been changed so that the self employed may qualify. Could you please explain how I could qualify?

The Government has proposed to broaden the co-contribution scheme to include self employed persons not previously eligible from 1 July 2007. To qualify under the new rules, you need to satisfy all of the following criteria:
• Make an undeducted contribution
• Earn at least 10% of your total assessable income* and reportable fringe benefits from carrying on a business, eligible employment or a combination of both
• Your assessable income and reportable fringe benefits is less than $58,000
• Be less than age 71 at end of income year; and
• Not hold eligible temporary residence visa.

(* income is reduced by your expenses incurred in carrying on your business)

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