Use the federal government co-contribution scheme to grow your super balance.
How the government co-contribution scheme works
If you earn less than $36,813 for the 2017/2018 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 $51,813 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 $51,813 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.
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