If you put a little bit of extra money in your super before the end of this financial year (and you’re eligible) your super could receive a boost through the Government’s super co-contribution scheme of up to $500.
Taking advantage of this government perk is an easy way to help grow your super:
Boost your super
By contributing up to $1,000 to your super from your take-home pay, the government could give you a contribution of up to $500 – giving you more when you retire.
Simple to do
BPAY a post-tax contribution into your account before the end of the financial year.
Lodge your tax return after the end of the financial year and the ATO will determine if you’re eligible.
Am I eligible?
You might be eligible for a super co-contribution of up to $500 if:
- Your total income is less than $58,445, you make an eligible post-tax contribution and we have your tax file number on record
- 10% or more of your income comes from employment or business-related activities
- You were under 71 years of age (as at 30 June 2023), had less than $1.7 million in super, haven’t exceed the contribution limits and are not on a temporary visa
Things to know
- The Government co-contribution will be visible in your super account after you’ve submitted your tax return, provided you meet the eligibility requirements (see below).
- Some contributions aren’t eligible for Government co-contributions. Personal contributions claimed and allowed as an income tax deduction are not eligible for government co-contribution.
Limits and caps
Keep the contribution caps in mind. If you exceed the cap you might have to pay more tax. For concessional (before-tax) contributions the limit is $27,500 for financial year 2023/24. For non-concessional (after-tax) contributions, it’s $110,000 for financial year 2023/24.
Grow your super now
You can make a personal contribution to your super through your online banking using your account BPAY details.
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