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.