Could you qualify for a Government co-contribution of up to $500?
If you earn under $52,697 in the financial year ended 30 June 2019, 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
® Registered to BPAY Pty Ltd ABN 69 079 137 518.
To be eligible for a co-contribution for 2019, you must make at least one after-tax contribution to your super during the financial year and:
- earn under $52,697 in 2018/19
- provide us with your Tax File Number
- be under 71 years at 30 June 2019
- pass the two income tests (income threshold and 10% eligible income tests)
- 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 your account at 30 June 2018
- have not contributed more than your after-tax cap for 2018/19
- lodge a tax return for 2018/19.
The ATO website goes into these requirements in more detail.