SA Ambulance Service
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.
The Commonwealth Government will match up to 50% of your personal contributions in a financial year, up to a maximum of $500. This means for every dollar you contribute, the Government will also contribute $0.50, up 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
- have at least 10% of your total assessable income and reportable fringe benefits attributable to eligible employment $53,564 in that financial year
- 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.
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 |