Government co-contribution
 |
|
$1,000 could be yours |
|
Direct Debit form (84KB)
CoUp to $1,000 could be yours
To help you save for your retirement, the Government could give you money to boost your super. Simple as that. It’s called a co-contribution and to qualify you just need to pay money into super yourself and then meet some eligibility rules.
You may be entitled to a Government co-contribution if you fit the following criteria:
- you made voluntary, after-tax contributions to a complying super fund or a retirement savings account (RSA) during the financial year,
- your total income was less than $61,920
- you are under 71 years old at the end of the financial year,
- you lodged an income tax return for the financial year,
- you have not held an eligible temporary resident visa at any time during the financial year,
- you earned 10 per cent or more of your total income from running a business if you are self-employed, or from eligible employment¹, or a combination of both.
How much will you be entitled to?
The government could pay you a reward of up to $1.00 for every dollar of your own money you pay into super. As a guide, this table shows the amount you would need to pay into your super to receive the maximum Government co-contribution for different levels of income.
| Your total income* | You pay | Your reward |
|---|---|---|
| $31,920 | $1000 | $1000 |
| $35,000 | $897 | $897 |
| $40,000 | $731 | $731 |
| $45,000 | $564 | $564 |
| $50,000 | $397 | $397 |
| $55,000 | $231 | $231 |
| $61,920 or more | $0 | $0 |
Are you ready to co-contribute ? BPAY® or get the form now
Get your reference number - so you can pay your own money into super.
If you want to set up regular payments for next financial year, download a Direct Debit form (84KB) - or you could even BPAY them! You could also talk to your employer and they may be able to set up your regular payments for you.
We need to have your Tax File Number (TFN) on file in order to accept voluntary contributions. If we don't have your TFN, we can't process your voluntary contributions and you may also pay more tax than you need to. To provide us with your TFN, log into Member Online or call 13 11 84.
For more information,download the Government co-contribution factsheet (400KB) or check out the Co-contribution calculator.
Caps apply to contributions and any super contributed over the cap amount is subject to extra tax. The cap amount depends whether the contributions are concessional (before-tax) or non-concessional (after-tax). Check out information on contribution caps including the recent changes to concessional contribution caps.
¹Eligible employment generally means anything resulting in you being treated as an employee. Amounts from eligible employment also includes some income of employees who think of themselves as being self-employed, such as those who run their business through a company and the company pays them salary or wages.
® Registered to BPAY Pty Ltd
ABN 69 079 137 518
