ARE YOU ELIGIBLE FOR A GOVERNMENT CO-CONTRIBUTION 2023 SUPER BOOST?
DON’T MISS OUT.
If you pay a little extra into your super before the end of financial year 2023 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 2023 to get your super top-up for this financial year.
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WHAT IS THE GOVERNMENT CO-CONTRIBUTION SCHEME?
If you earn less than $57,016 (the upper limit for the 2022/23 financial year) and make an after-tax contribution to your First Super account, then the Government may also make a contribution.
The amount you’ll receive depends on how much you earn and how much you contribute. If you earn less than $42,016 (the lower limit for the 2022/23 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 2023*.
How much you could receive – 2022/23 financial year
The following table shows what you could receive as a Government Co-contribution for the 2022/23 financial year based on how much you contribute as an after-tax contribution before 30 June 2023*:
|If your personal contribution is:|
|If your annual income is:||Your super co-contribution will be:|
|Up to $42,016||$500||$250|
|$57,016 (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 2023* and have your Tax File Number on record.
Once you lodge your tax return for the 2022/23 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 2022/23 financial year is less than $57,016
- 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 $110,000)
- 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.
Electronic Funds Transfer (EFT)
Account Name: First Super
After making your contribution, let us know you’ve made the payment so we can match it in our system via this e-form.
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For more information please see the Australian Taxation Office’s Super co contribution section.
We’re here to help. So let’s talk.
*All money must have been received by First Super before 30 June 2023 to qualify for the 2022/23 financial year.
®Registered to BPAY Pty Ltd, ABN 69 079 137 518