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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.
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 yea
- 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.
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: | ||||
|---|---|---|---|---|
| $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 |
Your co-contribution is calculated by the ATO each year based on your tax return and directly deposited into your Co-contribution Account.