Government co-contribution
Want an extra $500 in your super account?
Top up your super by 30 June 2020 and you might be eligible for a $500 government co-contribution.
The Government co-contribution is designed to help eligible low and middle income earners boost their super.
Am I eligible?
In order to qualify, you must meet the following criteria:
- be under the age of 71 at the end of June 2020
- earn less than $38,564 per year
- earn at least 10% of your total income from employment or running a business (or both)
- be a permanent resident of Australia
- lodge an income tax return for the 2019/20 financial year.
How much can I get?
If you earn less than $38,564 p.a. and make after-tax contributions of up to $1,000 in a financial year, the Government will match 50 cents for every $1 you contribute to super – up to a maximum of $500.
If your total income is more than $38,564 p.a. and less than $53,564 p.a. you may be eligible for a reduced co-contribution amount.
If your total super balance exceeds the general Transfer Balance Cap (currently $1.6 million) you will not be eligible to receive the government co-contribution.
I'm eligible, what's next?
- Make an after tax contribution online via Member SuperSite (BPAY / EFT), or fill in a Voluntary Contribution form (Cheque / money order) by 30 June 2020.
- Lodge your tax return for the 2019/20 financial year
- The Australian Taxation Office will deposit a co-contribution directly into your super account in the following financial year.
For more information about the Government co-contribution, read the Super Co-Contribution Fact Sheet or refer to the ATO website.
General Advice Warning
This information on this website is provided by Motor Trades Association of Australia Superannuation Fund Pty Ltd (ABN 14 008 650 628, AFSL 238 718) of Level 3, 39 Brisbane Avenue BARTON ACT 2600, Trustee of the MTAA Superannuation Fund (ABN 74 559 365 913). Motor Trades Association of Australia Superannuation Fund Pty Ltd has ownership interests in Industry Super Holdings Pty Ltd and Members Equity Bank Limited (ABN 56 070 88 7 679).
The information contained in this website is correct at the time of publishing. It is of a general nature and does not take into account your objectives, financial situation or needs. Before acting on any of the information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. If you are considering acquiring or continuing to hold a particular financial product, you should obtain the Product Disclosure Statement relating to the product and consider it before making any decision. The MTAA Super Product Disclosure Statement is available on this website, or by telephoning the Customer Service Centre on 1300 362 415.
Disclaimer
This site is for general information purposes only and is not intended to be relied upon for the purpose of making an investment decision.
MTAA Super recommends that potential investors seek independent financial and taxation advice before making any investment decisions so as to determine whether an investment is appropriate, given the investor’s investment objectives, financial position and needs.
Applications for membership can only be made on the basis of the application form attached to the current PDS. Any person who gives another person access to the application form must at the same time and by the same means give the other person access to the relevant PDS and any supplementary document.