Co-contributions

Are you eligible for a government boost to your super? Find out now.

Super co-contributions

The super co-contributions scheme is an easy for eligible members to grow their super.

How co-contributions can boost your super

If you earn less than $61,920* you may be eligible for a super co-contribution. The amount of the co-contribution depends on income levels and the amount contributed. It could be as much as $1,000.

For every $1 earned over $31,920* the amount of the co-contribution reduces and phases out completely at $61,920*.

Use our Super co-contribution calculator to see how much your co-contribution could be.

*Figures are for the 2009/10 financial year.

Are you eligible?

Generally, to be eligible for co-contributions you need to:

• earn a total income of less than $61,920* per year, with at least 10% of your total income (that is, assessable income, reportable fringe benefits and reportable employer super contributions) coming from eligible employment
• make a personal after-tax contribution
• be less than 71 years of age at the end of the financial year
• be a permanent resident of Australia (limited exceptions apply for New Zealand citizens and other prescribed people holding temporary visas)
• lodge a tax return, and
• meet the requirements of super law for making voluntary contributions. These requirements are summarised in UniSuper’s Lump sum contribution form.

Making a payment

It’s easy to make a voluntary payment by BPAY or cheque.

BPAY

There are no forms to fill out – just transfer your contribution directly into your UniSuper account. All you need are the following details:

*If your Membership Number starts with 137, 138 or 139 you may need to use a unique BPAY Customer Reference Number.

Cheque

• Download, print and complete the Lump Sum Contribution form
• Make out a cheque to UniSuper Limited – please write your UniSuper membership number on the back.
• Mail your form and cheque to:
  UniSuper
  Level 37/385 Bourke Street
  Melbourne Vic 3000

UniSuper does not accept cash payments.

Claiming contributions

Claiming your super co-contribution is easy.

If you’re eligible, the Australian Taxation Office can pay your co-contribution directly into your UniSuper account once you submit your income tax return. Preservation rules apply.

Remember – we must have your tax file number (link to tax file number declaration form) on record to accept your co-contribution.

Also, any contributions you claim as a tax deduction aren’t entitled to a co-contribution.

Personal after-tax contributions limits

You can make up to $150,000 of personal after-tax contributions to your super fund for the 2009/10 financial year. This is known as the non-concessional contributions cap.

If you are under 65 years of age, you may be able to make non-concessional contributions of up to $450,000 over a three-year period.

This allows you to ‘bring forward’ the next two years of contributions, potentially making a contribution of up to $450,000 in a single year. However, be careful if you are considering doing this, as contributions that exceed the cap will be taxed at 46.5%.

If you are aged over 65 you will need to satisfy the work test* to make contributions. And, unfortunately, you cannot take advantage of the ‘bring forward’ provisions, so the maximum annual cap of $150,000 will apply.

* The Work Test: You must have worked for at least 40 hours in a period of 30 consecutive days in the financial year in which any superannuation contributions are made.

To read more about super co-contributions, please see UniSuper's A Super Co-contribution can boost your super savings fact sheet.