Government co-contribution

Super co-contribution - don’t miss out on free money

What is it?

Co-contributions are a helping hand from the government. You put extra money into your super (after tax) and, if you qualify, so will the government. If your total income is $31,920 or less per year, the government will put $1.00 into your super for every $1.00 you contribute, up to a maximum of $1,000 per year. If you earn less than $61,920, you’re still eligible, but at a lower rate. Over time, it’s a great way to boost your NGS Super.

Please note that from 1 July 2009, voluntary salary sacrifice contributions will be included in your total income when assessing your eligibility for the co-contribution. 

If you can tick all of these boxes, you are eligible

• Your total income^{^} is less than $61,920 for the year to the end of June 2010
• 10% or more of total income comes from being an employee
• You did not hold an eligible temporary resident visa during the year to the end of June 2010
• You will lodge an income tax return for the year to the end of June 2010
• You are less than 71 years old at the end of June 2010

For total annual incomes above $31,920, the maximum co-contribution will reduce by 3.33 cents for each $1.00 of income, and phase out completely at an income of $61,920.

Your contributions must be made from your after-tax salary: salary sacrifice contributions are not eligible for the co-contribution.

How to do it

To get your co-contribution, you must make personal after-tax superannuation contributions (above the 9% your employer pays) to NGS Super. Choose one of these ways, lodge your tax return as usual, then the government does the rest.

• Read the NGS Super Co-contribution Fact Sheet
• Pay by BPay – Go to Member Oline to get your BPay code and customer reference number 
• Send a cheque with the Lump Sum Payment form
• Ask for payroll deductions on this form
• Try our extra contribution calculator

 

^{^ assessable income plus reportable fringe benefits plus reportable superannuation contributions}