“For most of the 2015/16 financial year I was employed part-time - so I could help look after my Mum who was very sick. In that financial year my total taxable income was $38,000. I always try to top up my super a bit, with an after-tax contribution, so last May I went online and used BPAY® to transfer $1,000 to my NGS Super account. It only took me about 3 minutes and then in November, after I sent in my 2015/16 tax return I received a $434 government co-contribution in my NGS Super account. So now I have an extra $1,434 working towards my retirement.”
“Last financial year I earned $12,000 all up. A lot less than usual because I had a sabbatical for most of the year. Rob and I decided that I’d take advantage of the government co-contribution scheme and that he’d also take the opportunity to make a ‘spouse contribution’ to my super.
So Rob made a $3,000 after-tax contribution to my NGS Super account and I put in an extra $1,000. That was in June last year. Doing it was easy – we just did it on our banking app.
The hard part was deciding to put that extra money aside for our retirement, but when you crunch the numbers it’s a no-brainer really. We contributed a total $4,000 and the government co-contributed $500. Plus Rob got a tax offset of $324.
As an investment, that’s hard to beat!”
If you can tick all the boxes below, you are eligible for a government co-contribution if you make a personal after-tax contribution to your super in the 2016-17 financial year:
If you can tick all the boxes below, your spouse will be eligible for a tax rebate on the 'spouse contribution' they make to your super:
Once you've lodged your tax return the Australian Government will pay any co-contribution that you're entitled to, into your NGS Super account - generally within 60 days. When your spouse's tax return is lodged, the ATO will take the tax offset for any spouse contribution into account when calculating the tax refund.