Super Toolbox
Let us show you how to top up your tank
WATCH THE VIDEO, USE THE CALCULATOR AND READ THE INFORMATION BELOW
Of all the ways to build your super, here is one of the easiest – and most effective.
The government co-contribution rewards eligible workers who top up their super with a bonus of up to $1,000 paid directly into their super account.
How much will the government pay into your super account?
Use the calculator below to work out how much your super account could receive from the government.
Co-contribution calculator
Working out your “total income”
There is no easy way to say this: “total income” is a term used by the Australian Taxation Office (ATO) and can be tricky to work out. In the ATO’s terms, “total income” is your assessable income from all sources including investments, plus reportable fringe benefits and reportable superannuation contributions.
In real speak, that means you must include your gross salary, plus income you receive from the likes of rental payments, interest and dividends, plus any fringe benefits and additional super contributions made over and above the super guarantee by your employer (including any salary sacrifice contributions you have made).
The rules are simple
To qualify for the government co-contribution payment, check you’re eligible^, make a voluntary super contribution from your take-home pay, submit a tax return and make sure MTAA Super has your tax file number. The co-contribution payment will be made by the ATO automatically to your super account once the ATO has processed your tax return.
Note: A voluntary contribution is a personal (after tax) contribution to your super account. The voluntary contribution must be made before 30 June in order to receive the co-contribution for that financial year.
^ In addition to your total income being less than $61,920, to receive the co-contribution you must also satisfy these conditions throughout this financial year:
• 10% or more of your total income has been derived from gainful employment or running a business
• You’re under the age of 71
• You haven’t held a temporary visa
How to make a contribution
There are two ways to make a contribution to your super:
• Direct payment to MTAA Super by cheque
• Direct debit from your financial institution using BPay (click here to log in to your MTAA Super account where you will find your BPay reference number)
Remember, super is widely regarded as an efficient and tax effective way of investing for your future. The key is to start building your super early to maximise your benefit.
* Your 'total income' is your assessable income from all sources plus reportable fringe benefits and reportable superannuation contributions. The MTAA Super calculator is a mathematical tool that provides indicative calculations based on the stated assumptions only. It is based on the laws as at July 2009.The information supplied by the calculator should not be relied upon as a true representation of any actual superannuation entitlements or benefits from any particular scheme. The information is not a substitute for professional advice from a qualified financial adviser. MTAA Super does not accept any liability arising from any person relying, either in whole or in part, upon any information supplied by the calculator.
Co-contribution video
Please read our general advice warning »