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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 $53,564 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 $53,564 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 $53,564.
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: | |||
| $38,564 or less | $500 | $400 | $250 | $100 |
| $39,564 | $467 | $400 | $250 | $100 |
| $41,564 | $400 | $400 | $250 | $100 |
| $43,564 | $333 | $333 | $250 | $100 |
| $45,564 | $267 | $267 | $250 | $100 |
| $47,564 | $200 | $200 | $200 | $100 |
| $49,564 | $133 | $133 | $133 | $100 |
| $51,564 | $67 | $67 | $67 | $67 |
| $53,564 | $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.