Government Co Contribution

The Government Co-Contribution scheme is designed to help build your super.

If you earn less than $51,021 p.a. and make an after-tax payment to your super account, you could receive "free money" from the Government of up to $500 per year.  It's paid directly into to your super account.  The size of the payment reduces as your total income increases.

Who gets the Government Co-contribution?

To be able to receive the Government Co-Contribution to your super, in summary you must:

  • Be an Australian permanent resident.  There are exceptions - New Zealand citizens or those with a prescribed visa.  For more information see ato.gov.au 
  • Be under 71 years of age at the end of financial year
  • Earn 10% or more of your total income from eligible employment, running a business or a combination of both
  • Earn a total gross income of less than $51,021 p.a.
  • Have provided your TFN to your super fund
  • Make an after-tax payment into your super account by 30 June, and
  • Lodge an income tax return

Personal contribution

A personal contribution is generally made from your after-tax income, which means tax has already been paid before you make the contribution into your super account. If you decide to claim a tax deduction on your personal contributions, then you will no longer be entitled to the Government Co-Contribution.

Amount of Government Co-Contribution provided

The amount of Co-Contribution you could receive in a financial year is determined by:

  • Your before tax income including salary sacrifice contributions and reportable fringe benefits, and
  • Your total personal contributions in that financial year.  If you earn up to $36,021 in 2016/17, and you pay $1000 in after-tax super payments the Government will make a payment of $500 directly into your super account.  If you earn above $36,021 in 2016/17, the Co-Contribution will reduce until your income reaches $51,021 p.a.

How to make a personal payment

BPAY

A quick and easy way to make a personal payment directly into your GuildSuper account is via BPAY.
All you need is your GuildSuper BPAY biller Code and Customer Reference Number, which can be found on your most recent member statement or on your digital or plastic member card.

Payroll deduction

Having super payments taken directly out of your pay is an easy way to boost your super.
You will need to check that you employer can cater for this.  Fill in out the Payroll Deduction form and hand directly to your pay officer.

Low Income Superannuation Tax Offset

If you're likely to earn $37,000 or less in the current financial year, you may qualify to have the 15% tax charged on any employer contributions returned to your super account.  This works out to be a maximum refund of $500.

If eligible you don't need to do anything to receive this - the rebate will be automatically applied when you submit your tax return to the ATO.  Unlike the co-payment scheme you don't need to contribute any money form your take-home pay to receive the refund.

Useful Documents


Download PDFPersonal Contribution Form

Download PDFPayroll deduction Form
 


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