If money's tight, you mightn't save as much as you’d want to for your retirement. The Australian Government’s co-contribution scheme gives an annual super boost of up to $500 to eligible low and middle-income earners.

Give me the main points

  • To be eligible, you must have an annual income of less than $51,813.
  • There are other conditions - we'll get to those in a moment.
  • Half a million Australians received the Government co-contribution in 2014-15. ¹
  • Best of all, you don't even have to apply. Just file your annual tax return and it’s done for you.

Get set up for the future

Setting up salary sacrifice is normally a straightforward process: you’ll just need to arrange with your employer to have them pay some of your pre-tax income straight into your super fund, which you can access when you retire. The benefits of contributing extra to your super from your pre-tax pay include:

  • easier budgeting as the money never goes into your bank account so you won't miss it
  • a possible capped tax rate of 15%¹ on the 'sacrificed' income.

If you're serious about getting your super up to speed, then depending on your circumstances, salary sacrifice is an effective strategy to maximise your super contributions and lower your taxable income.

More information

1 If you have income and concessional super contributions of more than $250,000 p.a (including concessional contributions), in the 2017/18 financial year and onwards, the amount sacrificed may attract an additional 15% tax.

MLC and NAB: working together to help you grow your future.

MLC has been helping customers create better financial futures since 1886. As part of NAB's consumer and wealth business,
MLC is empowering you to grow and manage your wealth into retirement.

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