You may be eligible to receive a bonus $500 contribution into your super through the government’s co-contribution scheme.
Simply by making an after-tax contribution to your super you could receive 50 cents for every $1 contributed up to a maximum of $500.
If your total income for the financial year is less than $36,021 you’re probably eligible to receive the full co-contribution. The co-contribution payment is reduced on a sliding scale for every dollar of your total income over $35,454 and cuts out once your total income is more than $51,021.
And if you’re self-employed? That’s okay. You’re eligible to receive the co-contribution too.
Check your eligibility using our co-contribution fact sheet.
How to make an after-tax contribution
Make your contribution electronically, via BPay or electronic funds transfer (EFT).
To get these payment details, including your personal reference number, log into Statewide.On.Line or phone our team on 1300 65 18 65.
Steps to receive the co-contribution
- Make an after-tax contribution to your super before 30 June (it’s best not to leave this to the last minute – electronic payments can take several days to be received)
- Lodge your tax return.
The Australian Tax Office will calculate your payment and the money goes straight into your super account.
For more detailed information, download the How super works booklet.
Want to talk to someone about growing your super? Call our friendly Client Services team on 1300 65 18 65.
For personalised advice tailored to your needs, consider talking to a Financial Planner.
#The Federal Government has reduced the maximum payment for the co-contribution to $500.
^Please submit electronic payments by 5pm on 28 June 2016 as they can take up to two business days to be received.
The information provided is of a general nature. In providing this information we have not taken into account your objectives, financial situation or needs. Further, we recommend that professional financial advice should be sought from a qualified adviser with regard to your objectives, financial situation and needs before considering or acting on the appropriateness of the information given.