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 2017/18 financial year is less than $36,813 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 $36,813 and cuts out once your total income is more than $51,813. You also need to have a total super balance of less than $1.6 million on 30 June of the year before the relevant financial year and have not contributed an amount more than your non-concessional contributions cap for the relevant financial year.
And if you’re self-employed? That’s okay. You’re eligible to receive the co-contribution too.
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 Super Online 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 information provided is of a general nature. It does not consider your specific objectives, financial situation or needs nor is it intended to be financial product advice. You should consider the appropriateness of this general advice with regard to your personal circumstances, obtain independent financial advice and consider the applicable Product Disclosure Statement before making an investment decision.