Get a Boost to your super from the Government!

Published on 18/05/2018

Co conts 651x343 flat

With the end of the financial year nearly here, there’s not much time left to take advantage of a Government co-contribution.

If you’ve already been making voluntary after-tax contributions throughout the year that’s great, but if not, make sure you get your share of the Government’s contribution to your super this financial year. All you have to do is make a voluntary after-tax contribution to your super account before 30 June 2018. It’s that easy!

If you qualify, your co-contribution will automatically be paid into your super account by the ATO.

What is the Government co-contribution scheme?

The Government co-contribution scheme provides an incentive for those who earned less than $51,813 for the year 2017 – 18 to contribute to their super accounts and get an extra boost from the Government.

How much can I receive?

If you earn $36,813 or less for the 2017 – 18 year, the government will pay $0.50 for every dollar you contribute to your super fund with your after-tax dollars, up to a maximum of $500 a year. If you earn more than $36,813 the co-contribution reduces until it cuts out at $51,813. If your co-contribution is less than $20, the ATO will pay the minimum amount of $20.

 

         Personal Super contribution

Income

$1000

$500

$200

$36,813 or less

$500

$250

$100

$42,813

$300

$250

$100

$48,813

$100

$100

$100

$51,813 or more

$0

$0

$0

 How do I qualify for a co-contribution boost?

  • Make a personal after-tax contribution to your super account this financial year
  • Earn less than $51,8131
  • Be a permanent resident of Australia throughout 2017 – 18
  • Notify us of your Tax File Number
  • Earn at least 10% of your total income from employment activities or carrying on a business, or both
  • Lodge a tax return for this financial year
  • Be aged under 71 on 30 June 2018

 How do I make a voluntary contribution?

  • The easiest and quickest way to contribute is by BPAY or cheque                                                                                                     
  • BPAY® – Biller Code: 584581 Reference Number: log into MemberOnline to get your bpay details or call us on 1800 675 839
  • Make a cheque out to Prime Super and send it to us before the 30 June deadline along with the personal contributions form. It can take 5 business days to process your payment so please allow for this.
  • You can also ask your employer to make an after-tax contribution to your super.

We’re here to help

More information on the government co-contribution scheme can be found here. Alternatively, you can contact us on 1800 657 839.