“For most of the 2016/17 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 $35,000. 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 2016/17 tax return I received a $500 government co-contribution in my NGS Super account. So now I have an extra $1,500 working towards my retirement.”
"This financial year I expect to earn only about $35,000 all up. A lot less than usual because I had a sabbatical for most of the year. Rob and I decided I should take advantage of the government co-contribution scheme this year and that he should also take the opportunity to make a 'spouse contribution' to my super.
So Rob has just made a $3,000 after-tax contribution to my NGS Super account and I've also put in an extra $1,000. Doing it was easy - I just transferred my contribution by BPay using my banking app and Rob sent in a bank cheque with an eForm from the NGS website.
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 will co-contribute $500, plus Rob will get a tax offset of $540.
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 2017/18 financial year:
If you can tick all the boxes below, your spouse (married or de facto) 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. The amount will then appear on your next fund member statement. 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.
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