Even if you're not on a high income, you can grow your super faster by getting a little boost from the Government.
You may be eligible for a Government co-contribution if:
- you make voluntary after-tax contributions to a super fund during the financial year,
- your total income is less than $51,813 p.a.,
- you are under 71 years old at the end of the tax year,
- you lodge an income tax return for the financial year,
- you have not held a 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, or from eligible employment or a combination of both, *
- your non-concessional (after-tax) contributions did not exceed the cap for that financial year,
- your total superannuation balance, at 30 June of the previous financial year, is less than $1,600,000.
If you're not eligible for Government co-contribution, you could still get some great financial benefits through salary sacrifice, or if you claim a tax deduction.
Thresholds apply for the 2017-18 financial year. For information on the thresholds for other financial years, check with ATO.
How do I make contributions?
There are a couple of ways that you can add to your super and take advantage of Government co-contribution
You can make you can make voluntary, after-tax contributions to your super using BPAY. Get your unique BPAY reference number
Ask your employer to make regular payments from your after-tax pay.
When do I need to make contributions?
If you want your contribution to be allocated to your account by a particular date, like before the end of the financial year, we need to receive the contribution before the close of that business day.
Please keep in mind your financial institutions processing time-frames if making payment via BPAY. We recommend you allow at least three business days for BPAY and 7-10 business days for postage.
It's also worth noting that there are some caps which limit the amount of after-tax contributions that can be made and any super contributed over the cap amount is subject to extra tax. Find out more about contribution caps.
* Eligible 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.
**Total income = assessable income + reportable fringe benefits + reportable employer super contributions.
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