Co-contributions

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.

As a Pension Scheme member you can’t make one-off contributions into your account, but because you make fortnightly after-tax member contributions as part of your membership you may still qualify for the Co-contribution.

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 $56,112 in the 2021/22 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:

  • have made one or more eligible personal super contributions to your super account during the financial year
  • pass the two income tests (income threshold and 10% eligible income tests)
  • be less than 71 years old at the end of the financial year
  • not hold a temporary visa at any time during the financial year (unless you are a New Zealand citizen or it was a prescribed visa)
  • lodge your tax return for the relevant financial year
  • have a total superannuation balance less than the general transfer balance cap at the end of 30 June of the previous financial year
  • not have contributed more than your non-concessional contributions cap.

To receive the maximum co-contribution of $500 you need to contribute at least $1,000 after tax and earn less than $41,112 a year. The co-contribution you can receive reduces on a sliding scale, and phases out altogether when your income reaches $56,112

  If your after-tax super contribution is:
  $1,000 $800 $500 $200
If your income is: Your super Co-contribution will be:
$41,112 or less $500 $400 $250 $100
$42,112 $467 $400 $250 $100
$44,112 $400 $400 $250 $100
$46,112 $333 $333 $250 $100
$48,112 $267 $267 $250 $100
$50,112 $200 $200 $200 $100
$52,112 $133 $133 $133 $100
$54,112 $67 $67 $67 $67
$56,112 $0 $0 $0 $0

 

If you receive a Co-contribution you'll automatically become a Triple S member. If you don't already have a Triple S account, one will be created for you and you’ll be charged the standard weekly administration fee of $1.35 on that account, plus 0.05% of your account balance, capped at $325 p.a. calculated and deducted monthly. Refer to the Triple S Reference Guide for more details. As with all Triple S accounts, you have a choice of investment options for your Triple S balance. Your regular member after-tax contributions will continue to be credited to your Pension Scheme account.

Your Co-contribution is calculated by the ATO each year based on your tax return and directly deposited into your Triple S Co-contribution Account.

Please note:  Any contributions you make to your Pension account, including any rollovers, will not count towards the First Home Super Saver Scheme (FHSSS). The Pension Scheme is an untaxed fund and is therefore excluded under Commonwealth rules.