If you qualify for the Commonwealth Government co-contribution it could help grow your super even faster.
The co-contribution scheme rewards you for personally contributing to your super after tax by offering to match a percentage of your contribution.
If your total income is less than $54,837 in a financial year and you make after-tax contributions to your super in the same year, the Commonwealth Government will contribute up to $0.50 for every $1.00 you contribute, to a maximum of $500.
To be eligible for a co-contribution you must:
- be less than 71 years old
- make at least one personal after-tax contribution to your super by 30 June each year
- earn less than $54,837 in that financial year
- have at least 10% of your total assessable income and reportable fringe benefits
attributable to eligible employment (as determined by the Australian Taxation Office)
- not hold an eligible temporary resident visa at any time during the year and
- lodge an Australian income tax return.
To receive the maximum co-contribution of $500 you need to contribute at least $1,000 after tax and earn less than $38,564 a year. The co-contribution you can receive reduces on a sliding scale, and phases out altogether when your income reaches $54,837
For more information on how to make an after tax contribution visit the Ways to pay web page.
|If your after-tax super contribution is:|
|If your income is:||Your super co-contribution will be:|
|$38,564 or less||$500||$400||$250||$100|
Your co-contribution is calculated by the ATO each year based on your tax return and directly deposited into your Flexible Rollover Product account.