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Government Co-contribution


DON’T FORGET TO CLAIM YOUR GOVERNMENT SUPER BOOST.
UP TO $500 COULD BE YOURS.

Put a little extra money into your super before the end of financial year and, if you’re eligible, you’ll benefit from a super boost through the Government Co-contribution Scheme.

You could receive up to 50c for every dollar you put in after-tax, up to a maximum of $500.

Don’t miss out! Make sure you make your contribution before 30 June 2020 to get your super top-up for this financial year.

If you’ve made a payment, use this e-form to let us know so we can match it in our system.


WHAT IS THE GOVERNMENT CO-CONTRIBUTION SCHEME?

It can be difficult to save for retirement. The Australian Government recognises this, and offers a co-contribution to reward low income earners who pay extra into their super.

If you earn less than $53,564 (the upper limit for the 2019/20 financial year) and make a voluntary, after-tax contribution to your super fund, then the Government will also make a contribution.

The amount you’ll get depends on how much you earn and how much you contribute. If you earn less than $38,564 (the lower limit for the 2019/20 financial year), then the Government will match your contribution at a rate of 50%, up to a maximum of $500.

Depending on your eligibility and your total income you may qualify for the full Government Co-contribution of $500 by contributing $1,000 into your First Super account by no later than 30 June 2020*.


Are you eligible for the co-contribution payment?

You should be eligible for the Government Co-contribution as long as:

  • your total income for the 2019/20 financial year is less than $53,564
  • you make an after-tax super contribution and haven’t claimed a deduction for it
  • you haven’t contributed more than the non-concessional contributions cap of $100,000)
  • you lodge a tax return for that year of income
  • you are a permanent resident of Australia and under 71 years of age
  • you have supplied your Tax File Number to First Super, and
  • at least 10% of your ‘total income’ comes from employment-related activities, and/or running a business.

You must make sure we have your Tax File Number in order to be eligible.


contribute now

Simply make your payment through a bank transfer (EFT) or BPAY using the details provided below, quoting the reference number. Otherwise, you can send us a cheque and post it to us with a completed Contribution Form.

If you have received a letter or email from us, your Customer Reference Number is included in that letter. Otherwise, contact the Member Services Team for it on 1300 360 988 or by email.

Electronic Funds Transfer (EFT)
Account Name: First Super   

BSB No: 083-355  Account No: 67-879-1379
Reference: Your Customer Reference Number
BPAY
Biller Name: First Super
Biller Code: 102194

Reference No: Your Customer Reference Number

After making your contribution, let us know you’ve made the payment so we can match it in our system via this e-form.

Or, if you prefer, you can complete this Contribution Form and either post it or scan and email it back to us.


How you receive the co-contribution

If you’re eligible, you don’t need to apply for the Government Co-contribution, as long as we receive your voluntary contribution by 30 June 2020* and have your Tax File Number on record.

Once you lodge your tax return for the 2019/20 financial year, the ATO will pay any eligible co-contributions into your First Super account automatically. Too easy!


How much you could receive – 2018/19 financial year

The following table shows what you could receive as a Government Co-contribution for the 2019/20 financial year based on how much you paid in as an after-tax contribution before 30 June 2020*:

If your personal contribution is:
$1000 $500
If your annual income is: Your super co-contribution will be:
$38,564 $500 $250
$41,564 $400 $250
$44,564 $300 $250
$47,564 $200 $200
$50,564 $100 $100
$53,564 (or more) Nil Nil

For more information please see the Australian Taxation Office’s  Super co contribution section.

We’re here to help. So let’s talk.

If you have any questions on this or any other super matter, please call our Member Services Team on 1300 360 988 or email us.

 

*All money must have been received by First Super no later than 30 June 2019 to qualify for the 2018/19 financial year. All money must be received by 30 June 2020 to qualify for the 2019/20 financial year.