Gov't Co-contribution
Did you know that you're likely to qualify for a super boost of up to $1,500 from the Government if you:
- Earn under $58,980 per year
- Make a personal (after-tax) contribution to your super.
That's right. You could be eligible for up to $1,500 from the Government.
The co-contribution scheme involves the Government making a contribution to your super, provided that you make a personal (after tax) contribution and meet the eligibility requirements. This year there's great news, because even if you're self-employed, you could be eligible to receive a co-contribution from the Government. To find our more about your eligibility, see the information at the bottom of this page.
Calculate how much you're eligible for
STEP 1. Enter your total income for the financial year into the calculator below.
STEP 2. Click on 'calculate' to find out the maximum amount that you could receive.
You can also alter your personal (after-tax) contribution to find out how much you might receive from the Government if you make a smaller contribution.
Eligibility
You're eligible for the Government Co-contribution if:
- you make a personal contribution to Cbus. If you haven't already made one, see below to find out how.
- your total income (assessable income plus reportable fringe benefits) is less than $58,980;
- 10% or more of your total income is from eligible employment;
- you do not hold an eligible temporary resident visa at any time during the year;
- you lodge an income tax return for the year of income; and
- you are less than 71 years old at the end of the year of income.
When will I get my Government Co-contribution?
You don't have to apply for the Government Co-contribution. Cbus reports all personal (after-tax) contributions received from members to the Tax Office by 31 October (following the end of the financial year). When you do your income tax for the financial year, the Tax Office will determine your eligibility for a Government Co-contribution based on your total income for the year and the amount of any personal (after tax) contribution/s you've made to your super.
If you're eligible, the Tax Office will send you a letter with details of the amount to be paid into your super account.
Unless you nominate a particular superannuation fund account to the ATO, your super co-contribution will be paid into the fund where you make your personal super contribution/s.
Remember, the cut-off date for this year's co-contribution is 30 June 2008. If you're eligible and you haven't made a personal (after-tax) contribution to your super this financial year -don't miss out!
How to make personal contributions
You can make personal contributions by:
- payroll deduction (check with your employer);
- direct debit from your bank, building society or credit union (complete a separate Direct Debit Application);
- cheque;
- cash (you must pay over the counter at a Cbus Service Centre office); or
- BPAY® or POSTbillpayTM, using our internet facility, SuperSite
Self-employed?
If you're self-employed you need to ensure that you don't claim the required personal contribution as a tax deduction. Remember:
1. Don't claim a tax deduction on the contribution amount that you need to make to qualify for the Government Co-Contribution.
2. You can claim a tax deduction for other eligible contributions you've made.
