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Add $500 to your super with the co-contribution scheme
I'm building my wealth | | 2 min read
The Federal Government’s co-contribution scheme is designed to help you boost your super. It can top-up your balance with up to $500 in additional funds.
With the end of the financial year fast approaching you only have a month left to take advantage of the government initiative for this year. Here’s what you need to know.
How does it work?
If you make additional (after-tax) payments into your super the government will provide a top-up if you meet the eligibility conditions.
For every dollar you contribute (up to $1,000) the government will match it with an additional 50 cents. That means up to $500 in super contributions from the government.
How do I claim my additional co-contribution?
All you have to do is file your annual tax return and the Australian Taxation Office (ATO) will automatically assess your eligibility and pay any entitlement into your super account. It’s as easy as that.
You can learn more about eligibility via the ATO website.
How to I make an additional contribution?
If you’re working then your employer should already be making the standard super guarantee contribution of 10.5%. To qualify for the co-contribution scheme you need to make an additional after-tax payment towards your super (salary sacrifice contributions do not count as they are before-tax contributions). That means paying money directly into your super account.
You should have a BPAY number for your super account. Simply use the BPAY details to deposit money into your super account like you would any other payment.
If you’re not sure about your BPAY details simply call the helpline on 1800 682 626.
Anything else I need to know?
To claim your government co-contribution you need to make any after-tax contributions before June 22 and lodge an income tax return for the financial year.
Superannuation is a long-term investment in your future. So make sure you’re taking advantage of government provided incentives. If you have any questions about co-contributions, deadlines, or how we can assist please call the helpline on 1800 682 626.
Learn more about co-contributions.
Issued by Togethr Trustees Pty Ltd ABN 64 006 964 049, AFSL 246383 ("Togethr"), the Trustee of Equipsuper ABN 33 813 823 017 ("Equip Super"). The information contained is general advice and information only and does not take into account your personal financial situation or needs. You should consider whether this information is appropriate to your personal circumstances before acting on it and, if necessary, you should seek professional financial advice. Where tax information is included, you should consider obtaining taxation advice. Before making a decision to invest in Equip Super, you should read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product which are available at equipsuper.com.au. Financial advice may be provided to members by Togethr Financial Planning Pty Ltd (ABN 84 124 491 078 AFSL 455010) – a related entity of Togethr. Past performance is not a reliable indicator of future performance.
