Use the federal government co-contribution scheme to grow your super balance.

How the government co-contribution scheme works

If you earn less than $37,697 for the 2018/2019 financial year, the Federal Government will match 50 cents for each after-tax dollar you contribute to your super account – up to $500.

If your income is below $52,697 you may still qualify for a reduced government co-contribution.

The ATO will calculate your government co-contribution after you file an income tax return and deposit your co-contribution directly into your superannuation account.

How do I qualify?

To qualify you must:

  • Have a total income of less than $52,697pa
  • Make an after-tax contribution (non-concessional) to your super. Details below
  • Earn at least 10% of your total income from eligible employment or running a business
  • Be a permanent resident or citizen of Australia
  • File an income tax return
  • Be 70 or younger at the end of the financial year
  • Have a total superannuation balance of less than $1.6 million at the end of the financial year
  • Not have exceeded the after-tax contribution cap.

How do I make an after-tax contribution to my super?

We make it easy to contribute to your super – either as a lump sum or ongoing contribution. Either make an arrangement with your payroll office or transfer money via BPAY®

  • Use phone or internet banking through your bank, building society or credit union
  • Quote our Biller Code 444232 
  • Enter your account number as the customer reference number (CRN). Allow up to three working days for bank transfer and processing time.
  • Your employer can make after-tax contributions from your pay. Complete a contribution amendment form and return it to your payroll officer.

If you are unsure of your account number, log in to members online or call us on 1300 658 776

 

®Registered to BPAY Pty Ltd ABN 69 079 137 518.