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 $52,697 pa
- 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) (employers enter their BPAY reference number). Allow up to three working days for bank transfer and processing time.
To find your account number, login to Members online or call us on 1300 658 776.You need to then complete a contribution amendment form and return it to your payroll officer so you can get your allocations paid correctly into your account.
®Registered to BPAY Pty Ltd ABN 69 079 137 518.