Prime Super: Get a Super Boost From the Government

It’s not often you get anything for free and getting money for nothing, well that is simply unheard of! But did you know you could receive a contribution to your superannuation account from the government simply by making a personal (after-tax) contribution to your super? 

Government co-contribution scheme 

Designed to help boost the retirement savings of low to middle income earners, the co-contribution scheme provides an incentive for people to make personal contributions to their super accounts. 

If you earn less than $49,488 in the 2014/15 financial year and make an after-tax contribution/s to your super, you could be eligible. The cocontribution is also available to you if you are selfemployed. 

Essentially, for every dollar you contribute to your super account from your after-tax money, the government contributes 50 cents (up to a maximum of $500). Plus, like your personal contributions, the cocontribution is not taxed when it is paid into your account, nor is it taxed later when you withdraw it as part of your retirement benefit.  

You don’t need to apply for the co-contribution, you simply need to make a contribution/s to your super account from your after-tax money and make sure your super fund has your tax file number. Then lodge your annual tax return in the usual manner and the Australian Taxation Office (ATO) will arrange for the applicable contribution to be made your super account. See the ATO website for details. 

Get in quick! 

Last year Prime Super members received nearly $700,000 in government co-contributions and you may be eligible too. But time is running out. You must make a voluntary personal after-tax contribution to your super account before 30 June 2015 to qualify. 

Find out more about making extra contributions to your super, the government co-contribution scheme and saving for retirement. Contact Rod Stewart at Prime Super on 0428 558 158 or email rstewart@primesuper.com.au 

DISCLAIMER 
Prime Super (ABN 60 562 335 823) is a not-for-profit Industry Superannuation Fund. This article contains general information only and does not take your personal circumstances into account. You should obtain personal advice where appropriate. This article is current as at the date of publication and subject to change. Prime Super is issued by Prime Super Pty Ltd (ABN 81 067 241 016, AFSL 219723, RSE L0000277, RN 1000276). A Short-Form Product Disclosure Statement is available from the issuer by phoning 1800 675 839.