Putting a little extra away now could make a world of difference later. Boosting your retirement savings is easy and depending on your eligibility, the government may even match a portion of your contribution to super. Check your eligibility below and calculate how much the government could contribute to you.
Why make after-tax contributions?
Boost your balance
The more you put into your super now, the more you'll have to enjoy later in life.
Government co-contribution
If eligible, the government will reward your savings efforts with a co-contribution of up to $500.
Spouse contributions
By boosting your spouse's super balance, you could be eligible for a tax offset of up to $540.
Check your eligibility
Check your eligibility for a government contribution
If you can answer 'yes' to the statements below, you are eligible for a government co-contribution if you make a personal after-tax contribution to your super in the 2019/20 financial year:
Am I eligible?
- My total income this financial year will be no more than $53,564.00
- 10% or more of my total income for the 2019/20 financial year will come from employment-related activities, carrying on a business, or a combination of both
- I will be less than 71 years old on 30 June 2020
- I have not and will not hold a temporary resident visa this financial year (New Zealand citizens and holders of prescribed visas are exempt from this requirement)
- I will lodge an income tax return for the 2019/20 financial year (even if I don’t expect to be liable for income tax).
Check spouse eligibility for tax offset
If you can answer 'yes' to the statements below, your partner (married or de facto) will be eligible for a tax rebate on the ‘spouse contribution’ they make to your super:
Am I eligible?
- I am under age 65, or if between age 65 and less than age 70, I meet the work test1
- Both me and my spouse are Australian residents when the eligible spouse contribution is made
- I am not living separately or apart on a permanent basis when the eligible spouse contribution is made
- The eligible spouse contribution is made direct to my superannuation account (not first to my spouse's fund, then split to my super)
- The contribution must not be made to satisfy a family law obligation.
The offset available is dependent on the receiving spouse’s income. If the receiving spouse’s income is:
- less than $37,000, then the contributing spouse will receive the full offset which is 18% of contribution (up to maximum amount)
- between $37,000 and $40,000 - the offset is reduced for every $1 that the receiving spouse's income is over $37,000
- over $40,000 - there is no offset available.
Note: There are restrictions on how much you can contribute to your super via after-tax contributions. For full details on eligibility and limits, please read our fact sheet Opportunities and limits for super contributions.
Co-contribution calculator
Calculate your super co-contribution and spouse contribution tax offset entitlements.
How to get started
It's easy to make either regular or once-off lump sum after-tax contributions to your NGS Super account. Simply choose the contribution method that best suits you:
- use your unique BPay reference number found on your Member Online account to contribute via your internet banking
- request for your employer to deduct a regular amount from your take-home pay by completing a Payroll Deductions Authority Form
- attach a cheque to a completed Lump Sum Contribution Form
- have your spouse attach a cheque to a completed Spouse Contribution Form.
Lodge your tax return
Once you’ve lodged your tax return the Australian Government will pay any co-contribution that you’re entitled to, directly 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.
For more details, check out our fact sheets Let the government top up your super and Make spouse contributions work for you. Or you can call us on 1300 133 177 weekdays, between 8am-8pm (AEST/AEDT).
Get advice for every stage of your life
NGS Super members have access to qualified, non-commission based financial planners, including over-the-phone limited advice* about your account, at no additional cost.
Find out more
