Help yourself to more: get a government co-contribution

5 May 2017 By Media Super Team

What is the Government co-contribution?

It’s one of the ways the Federal Government is helping low to middle-income earners to save more super for their life after work. It’s like getting an extra serve of fries when all you paid for was a cheeseburger.

How does it work?

Depending on your income and other requirements, if you make an after-tax contribution to your super, the Government will chip in $1 extra for every $2 you put in (up to a maximum of $500).

How much extra could you get?

The amount you receive is based on how much you earn and how much you contribute to your super account. The good news is that as long as you earn less than $51,021 p.a.* and meet the eligibility criteria you will get something. Tempting, don’t you think?

To see how much you could get, go to mediasuper.com.au/grow-your-super or call the Super Helpline on 1800 640 886 to talk to one of our Helpline Advisers#.

If you earn And make an after tax contribution Your Government co-contribution will be
$36,021 p.a. of less $1,000 $500
$40,000 $735 $367
$45,000 $401 $201
$50,000 $68 $34

How you get it

Make an after-tax contribution to your super before 30 June 2017. Please note, cheques must be received by Tuesday 27 June, and we recommend BPAY payments are made by Wednesday 28 June 2017. 

You can do this quickly and easily with BPAY®. Your BPAY® details can be found via:

  • your member card (or your digital member card)
  • logging in to your account at mediasuper.com.au
  • calling our Super Helpline on 1800 640 886.

Then lodge your 2016–17 tax return after 30 June and the Government will pay the co-contribution directly to your super fund. How deliciously easy!

Am I eligible?

You may be eligible for the co-contribution if you:

  • make an after-tax contribution to a super fund during the financial year, for which you do not claim a tax deduction and you lodge your tax return
  • receive at least 10% of income from employment (either as an employee or self-employed)
  • are under age 71 at the end of the financial year in which you make the contribution
  • do not hold a temporary visa at any time during the income year, unless you are a New Zealand citizen or holder of a prescribed visa.

If you’re unsure about your eligibility, or you have any other questions about your super, call our Super Helpline on 1800 640 886.

 

® Registered to Bpay Pty Ltd ABN 69 079 137 518

#Helpline Advisers are representatives of Mercer Financial Advice (Australia) Pty Ltd. ABN 76 153 166 293. Australian Financial Services Licence #411766. *This figure is relevant for the 2016-17 financial year only. Conditions apply