We’ve got some good news about your superannuation that we think you should know. You could be eligible to receive a Co-Contribution from the Federal Government of up to $1000.If you’re earning less than $61,920 per year, make an after-tax contribution to your account and satisfy the criteria below, the Government will make a contribution to your super too. A reduced Co-Contribution is available if you earn between $31,920 and $61,920.
You can refer to the Fact Sheet: Contributions to see how much you could receive.
So how does it work?
Let's consider Jane, who earns $22,000 per year:
- Jane makes a $500 after-tax contribution to her Health Super account before June 30.
- She then lodges a tax return after 1 July.
- The Australian Taxation Office (ATO) then works out that Jane's eligible for the Government Co-Contribution and pays an extra $500 into her account.
It's that simple! And the best part is she doesn't pay any tax on the Government Co-Contribution.
Are you eligible?
You are eligible to receive the Government Co-Contribution, if you meet the following criteria:
- You make after-tax contributions to your super before 30 June (this doesn’t include employer contributions, including salary sacrifice contributions, spouse contributions or deductible personal contributions)
- Your total income (including assessable income plus reportable fringe benefits and reportable employer super contributions, less allowable business deductions) is less than $61,920 for the year in which you make your contribution
- 10% or more of your income comes from eligible employment-related activities, carrying on a business or a combination of both
- You are less than 71 years old at the end of the income year
- You are not the holder of a temporary visa at any time during the income year (unless you are a New Zealand citizen or holder of a prescribed visa)
- You lodge your income tax return for the relevant income year
- You have provided your TFN to your fund.
You can submit your TFN online.
How to make a payment
There are a number of options available to make personal after-tax contributions. These include:
Online using BPAY
Cheque or money order
Download, complete and sign the Boost my super by cheque form, attach your cheque or money order and post it to Locked Bag 2900, Collins Street West VIC 8007.