Let the government top up your super
What is it?
Co-contributions are a helping hand from the government. If you put extra money into your super (after tax) and, if you are eligible, the government will make a co-contribution into your account.
For 2016/2017, if your total income is $36,021, or less per year, the government will put $0.50 into your super for every $1.00 you contribute, up to a maximum of $500 per year. If you earn less than $51,021, you’re still eligible, but at a lower rate. It’s a great way to boost your savings.
Please note that 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 $51,021 for the 2016/2017 financial year
- 10% or more of total income comes from being an employee or self employed
- you did not hold an eligible temporary resident visa during the financial year (unless you are a New Zealand citizen or it was a prescribed Visa)
- you will lodge an income tax return for the financial year
- you are less than 71 years old at the end of the financial year.
For total annual incomes above $36,021, the maximum co-contribution will reduce by 3.33 cents for each $1.00 of income, and phase out completely at an income of $51,021.
Your extra contributions must be made from your after-tax salary. Salary sacrifice contributions are not eligible for the co-contribution.
^ assessable income plus reportable fringe benefits plus reportable superannuation contributions.
How to do it
- If you earn a salary, you can set up regular payments by filling out a Payroll Deductions Authority eForm which tells your employer how much money you want to put into your super after tax or;
- You can use BPay to make a lump sum after-tax contribution. You can call 1300 133 177 or go to our website and log into your secure Member Online account to find your NGS Super biller code and account reference number. Then you can make a payment through online banking
- you can also make a direct after-tax contribution via cheque by filling in a Lump sum contribution form.
Once you’ve made your after-tax contribution, you’ll receive your payment from the Government after you lodge your tax return for the financial year in which you made the contribution.
For more details, check out our Let the government top up your super fact sheet or you can call our friendly Customer Service Team on 1300 133 177.