To help Australians reach their retirement goals, the Government may contribute up to a maximum of $500 to the super balance accounts of people who meet certain criteria.
*For the 2016/17 financial year
The eligible amounts for co-contribution into your super.
It’s important to make your contribution(s) before the 30th of June if you wish to take advantage of this initiative. You need to allow enough processing time so that you don’t miss out.
From the 2017–18 financial year, to be eligible for a co-contribution:
The Australian Taxation Office (ATO) will calculate if you’re eligible for a co-contribution when they assess your tax return.
If you’re eligible, the amount you are owed will be calculated and paid directly into your super account. You don’t have to do anything else.
Important Information
Personal after-tax contributions are called non-concessional contributions (NCC). A cap applies to the amount on NCCs that you can contribute to superannuation. If you exceed the cap, significant tax penalties apply.
Further information is available by visiting the ATO website. If you are considering non-concessional (after-tax) contributions we recommend you speak to a financial adviser.
Need help! Contact Australia’s #1 Retirement Financial Planners on 1300 788 650
