Super Co-contribution. It can pay to save

Super Co-contribution is a helping hand from the Government that helps you save for retirement. If you are eligible, the Government will contribute to your super account if you are making personal after-tax contributions. Yes, money into your NGS super account. It can really help boost your savings for the future.

Here's a quick example.

If your total income for tax purposes is $28,980 or less per year, the Government will now contribute $1.50 for every $1 you personally put into your super, up to a maximum of $1,500 per year.

If you can say 'yes' to all these points and earn under $58,980, you are eligible.

You must make personal superannuation contributions (above the 9% your employers pays) to a complying superannuation fund or a retirement savings account, such as NGS Super.
Your total income (assessable income plus reportable fringe benefits) is less than $58,980 for the year to end June 2008
10% or more of your total income is from you being an employee
You did not hold an eligible temporary resident visa at any time during the year to end June
You will lodge an income tax return for the year to end June
You are less than 71 years old at the end of June.

Please note: general advice warning

Talk to your employer and get organised.

Make sure you qualify, then organise a cheque or direct debit to your NGS Super account. At the end of the financial year, lodge your income tax return as usual.

The Tax Office will use this information together with contribution details from NGS Super to confirm your eligibility. The ATO will automatically calculate the Super Co-Contribution amount and deposit it in your account. Sounds great, right!

Useful Link

Take advantage of Salary Sacrifice
Lump Sum Payment Form