If you are employed, your employer should be setting aside a percentage of your earnings and contributing them into your Superannuation account.

If you are earning less than $53,564 per year in the 2019-20 financial year and put in extra money into your super, you could be eligible for a government co-contribution of up to $500 paid into your super account as a reward.

You won't have to make your contribution all at once, and you won't have to fill in any forms to apply for this scheme. You'll just need to lodge your annual tax return as per usual for the financial year, and link your TFN to your super account - and the ATO will take care of the rest.

This fantastic scheme will allow eligible people to boost their retirement savings. As the Government policies are always evolving, best to get your hands onto the scheme so you don't miss your chance to receive this government co-contribution!

Eligibility Requirements

·         Earn less than $53,564 before tax in the 2019-20 financial year

·         Earn 10% or more of that income from employment or self-employment

·         Be a permanent resident of Australia for the full financial year

·         Have not exceeded the total superannuation balance of $1.6m or the non-concessional contributions cap

·         Lodge a tax return for the 2019-20 financial year

·         Be under the age of 71 years at the end of June 2020; and

·         Satisfy the work test if you are 65 years of age or more (which means you would Have worked a minimum of 40 hours within 30 consecutive days in the financial year you make the contribution)

·         Make an after-tax contribution to your super.

If you need any further advice or assistance regarding this scheme, get in touch with us and we will be able to provide more insight.