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Contributing to Super
Government Co-Contribution
The Government continues to offer the co-contribution scheme.
The co-contribution is a government measure to boost super savings.
If you're earning less than $61,920 in the 2011/2012 financial year and you make an after-tax contribution into your super, you might be eligible to receive a bonus from the Government of up to $1,000, which is paid into your super account.
Eligibility
You may be eligible for the co-contribution if:
- you make an eligible non-concessional (post-tax) super contribution by 30 June 2012
- your total income (which from 1 July 2009, includes reportable employer super contributions) is less than $61,920
- 10% or more of your total income is from eligible employment, running a business or a combination of both
- you are less than 71 years old at the end of the year of income
- you do not hold an eligible temporary resident visa at any time during the year
- you lodge your income tax return for the relevant income year.
The amount of co-contribution you're eligible for depends on your income. If your income is equal to or less than the lower income threshold ($31,920), you're eligible for a full co-contribution. Above this income the co-contribution reduces, until it cuts out at the higher income threshold ($61,920).
If your total income was less than or equal to $31,920, you'll receive $1.00 for every $1.00 that you contribute, up to a maximum amount of $1,000. The co-contribution is reduced 3.333 cents for every dollar your total income is over $31,920, up to $61,920. The Australian Tax Office provides a Super co-contribution calculator at www.ato.gov.au to help estimate your entitlement to the co-contribution.
You don't need to apply for the co-contribution. If you're eligible, all you need to do is make the non-concessional (post-tax) contributions to Qantas Super and lodge an income tax return.
What's the easiest way to make a non-concessional (post-tax) contribution into Qantas Super?
1. Regular payroll deduction
To set up a regular non-concessional (post-tax) deduction from your pay, complete the Superannuation Contribution Authority form available from the People section of the Qantas Intranet under 'HR Forms, Templates and Toolkits' or you can contact PeopleConnect for a copy. If you are employed by Jetstar, Express Ground Handling, Qantaslink, Jets Transport, or any other employer that does not use Qantas Payroll Shared Services, please contact your payroll directly for assistance
2. One off contribution with a cheque
Complete our Voluntary Contribution Advice Form - Lump Sum to make a one off contribution and attach a cheque payable to 'Qantas Superannuation Limited'.
Changes to the Co-contribution from 1 July 2012
From 1 July 2012, the maximum co-contribution will be reduced by 50% from $1,000 to $500.
The maximum income limit will also be reduced from 1 July 2012, down to $46,920 from $61,920. This means that if you earn between $46,920 and $61,920 you will no longer be eligible to claim the Government co-contribution.
The co-contribution will continue to phase out for every dollar earned over $31,920 up to the new maximum income limit of $46,920.
