ARE YOU ELIGIBLE FOR A GOVERNMENT SUPER BOOST?
DON’T MISS OUT.
Over the past four years, more than 2,000 First Super members have received an average $266 under the Government Co-contribution scheme.
How much could you get?
If you pay a little extra into your super before the end of financial year and you’re eligible, you’ll get a super boost through the Government Co-contribution scheme.
You could receive up to 50c for every dollar you pay into your super account, up to a maximum of $500.
Don’t miss out! Make sure you make your contribution before 30 June 2021 to get your super top-up for this financial year.
WHAT IS THE GOVERNMENT CO-CONTRIBUTION SCHEME?
If you earn less than $54,837 (the upper limit for the 2020/21 financial year) and make an after-tax contribution to your First Super account, 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 $39,837 (the lower limit for the 2020/21 financial year), then for every dollar you pay in the Government will add 50 cents, 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 2021*.
How much you could receive – 2020/21 financial year
The following table shows what you could receive as a Government Co-contribution for the 2020/21 financial year based on how much you pay in as an after-tax contribution before 30 June 2021*:
|If your personal contribution is:|
|If your annual income is:||Your super co-contribution will be:|
|Up to $39,837||$500||$250|
|$54,837 (or more)||Nil||Nil|
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 2021* and have your Tax File Number on record.
Once you lodge your tax return for the 2020/21 financial year, the ATO will pay any eligible co-contributions into your First Super account automatically. Too easy!
You should be eligible for a Government Co-contribution as long as:
- your total income for the 2020/21 financial year is less than $54,837
- 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 provide First Super with your Tax File Number in order to be eligible.
Simply make your payment through a bank transfer (EFT) or BPAY using the details provided below, quoting your reference number.
If you have received a letter or email from us, you’ll find your BPAY Reference Number included. 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 First Super Member Number
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.
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 2021 to qualify for the 2020/21 financial year.