By simply adding some extra money into your super through after tax contributions, also known as personal contributions, you may be eligible to:
- receive up to an additional $500 for the financial year in super co-contributions from the Government, and
- you could receive an additional super contribution of up to 3.25% paid for by your employer.
How does it work?
You may be entitled to take advantage of the super co-contribution scheme if you’re earning less than $51,813 (in the 2017-18 financial year).1 The amount of super co-contribution you can receive depends on how much you contribute and what your income is.
To receive the maximum co-contribution of $500 you must earn $36,813 or less, and make a personal contribution of $1,000 (or more).2 As your income increases the co-contribution reduces, and cuts out completely at $51,813.
You can use the handy Super Co-contribution Calculator available on our website to work out how much you could receive based on your income. The way your co-contribution is calculated depends on the financial year in which you made your personal after-tax contributions.
How do I apply?
You don’t need to apply for the super co-contribution, however you’ll need to satisfy the eligibility criteria. If you’re eligible and we have your Tax File Number (TFN), the Government will automatically pay it directly into your super account. Your personal contributions must reach QIEC Super by 30 June each year for you to receive a super co-contribution for this financial year. For this reason, personal contributions made to QIEC Super using your personal BPAY® reference should be made prior to 25 June 2018.
Enhanced Employer Contributions
If you’re a Queensland school employee in the independent education sector you could receive an additional super contribution of up to 3.25% paid for by your employer.
If you make additional contributions to your super, your independent education employer may make an additional contribution to your super. The additional contributions can be made both before and after tax depending on your individual needs, as per the agreement. However, to also be eligible for the Government Co-contribution your additional contributions need to be after tax, also known as personal contributions.
The additional amount your employer contributes depends on how much you contribute.
* The percentage of enhanced employer contribution that you can receive depends on your collective bargaining agreement. Check with your Employer for more information.
How do I apply?
To see if you are eligible, please contact your employer in respect of the relevant collective bargaining agreement.
We’re here to help
We’re always here to help if you have any questions about your contributions or your super in general. If you need help, call us on 1300 360 507 or email us at email@example.com.
1 Total income is defined as assessable income plus reportable fringe benefits plus reportable employer superannuation contributions (RESC). Reportable employer super contributions will affect the income tests for some tax offsets and deductions, the Medicare levy surcharge, and certain government benefits and obligations.
2 Government co-contributions are capped at $500 per year meaning the maximum voluntary contributions that will be considered is $1,000.
® Registered to BPAY Pty Ltd ABN 69 079 137 518
The information provided is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision. You may like to consult a licensed financial adviser. You should also read the Product Disclosure Statement (PDS) and our Financial Services Guide (FSG) before making a decision. QIEC Super Pty Ltd (ABN 81 010 897 480), the Trustee of QIEC Super (ABN 15 549 636 673), is Corporate Authorised Representative No. 268804 under Australian Financial Services Licence No. 238507 and is authorised to provide general financial product advice in relation to superannuation.