Could you qualify for a Government co-contribution of up to $500?
If you earn under $53,564 in the financial year ended 30 June 2020, the Government can chip in up to $500 to help boost your super when you make a voluntary non-concessional (after-tax) contribution to your TWUSUPER account. This is known as the Super Co-contribution Scheme.
How much could you get?
If you meet the criteria, how much the Government co-contributes depends on two things:
- How much you earn
- How much you contribute
Use this calculator to see how much you could get.
How to contribute
To qualify for the co-contribution for the 2019/20 financial year, please ensure we receive the contribution by Friday 19 June 2020.
® Registered to BPAY Pty Ltd ABN 69 079 137 518.
To be eligible for a co-contribution for 2019/20, you must make at least one after-tax contribution to your super during the financial year and:
- earn under $53,564 in 2019/20
- have provided us with your Tax File Number (you can log in to Member Online to see if we have your TFN)
- be under 71 years at 30 June 2020
- received 10% or more of your income from employment and/or running a business
- not have held a temporary visa at any time during the financial year (unless you're a New Zealand citizen or on a prescribed visa)
- have had less than $1.6 million in all your super accounts at 30 June 2019
- have not contributed more than your after-tax cap for 2019/20
- lodge a tax return for 2019/20.
The ATO website goes into these requirements in more detail.
If you receive a government co-contribution, you cannot also claim a tax deduction on your voluntary after-tax contribution.