Why you should consider adding to your super
Adding a little extra to your super is one of the best ways to grow your savings and achieve the retirement lifestyle you want. And contrary to what you might have seen or been told, you don’t need to chip in thousands to make a difference. Better still, the Government could match your contributions dollar for dollar to a maximum of $500 if you’re an eligible low income earner.
Of course, you should consider your debt levels, contribution caps that may apply and tax issues before adding to your super.
The Government Co-contribution
If you have a yearly income of less than $53,564 (before tax), where you meet certain criteria, the Government will match 50 cents for every $1 that you add to your super from your after tax income – to a maximum of $500 each year. This co-contribution gets paid directly into your account after you’ve lodged your tax return for that year, if your super fund has your TFN.
If you want to make a contribution before the end of this financial year, it will need to be submitted by 19 June. This will ensure your contribution is received and allocated to your account prior to the end of the financial year.
|Your total income*||Your contribution||Co-contribution|
|$53,564 or more||Any amount
You can also download and complete an After-tax contributions form (below) and send it back to us.
It's important to consider other debts you may have before making a decision to add to your super.