Co-Contributions

Government Co-contributions

Grow your super with a top-up from the Commonwealth Government

If you’re earning less than $56,112 in the 2021/22 financial year, you may want to consider a Government Co-Contribution to top up your super.

The Government Co-Contribution Scheme rewards you for making a voluntary after-tax contribution to your super. This means if you make a personal (after-tax) contribution  into your Super SA account, the Commonwealth Government may give your super a bit of a boost too.

Here’s how it works:

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If you contribute $1.00 to your super

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The Government may contribute $0.50 to your super as well, up to a maximum of $500, subject to meeting eligibility criteria.


The Government Co-contribution can help you build your super savings so you have more to live your best life after you stop working. The amount you receive will depend on how much you earn and how much you contribute.


Get a better idea of what the Government could co-contribute to your Super SA account

  •  

     
    If your after-tax super contribution is $1,000

     
    If your annual income is:       Your super co-contribution will be  
    Up to $41,112       $500  
    $44,112       $400  
    $47,112       $300  
    $50,112       $200  
    $53,112       $100  
    $56,112 (or more)       Nil  

  • If your after-tax super contribution is $500

    If your annual income is:   Your super co-contribution will be  
    Up to $41,112   $250    
    $44,112   $250    
    $47,112   $250    
    $50,112   $200    
    $53,112   $100    
    $56,112 (or more)   Nil    

     


  • If your after-tax super contribution is $200

    If your annual income is:   Your super co-contribution will be
    Up to $41,112   $100
    $44,112   $100
    $47,112   $100
    $50,112   $100
    $53,112   $100
    $56,112 (or more)   Nil

     

 

You can also estimate your super co-contribution with the ATO’s Super co-contribution calculator.

 

A few quick Government Co-Contribution case studies

Meet Johnny

Johnny is aged 26 and meets the eligibility criteria. He earns $35,000 p.a. and has decided to invest $1,000 of his after-tax income into super each year.

This means he could receive a Government Co-contribution of $500.

That’s 50% on the amount he’s investing.

Meet Suzie

Suzie is aged 42 and meets the eligibility criteria. She earns $41,000 p.a. and has decided to invest $800 of her after-tax income into super each year.

This means she could receive a Government Co-contribution of $400.

She’s getting a government top-up of 50% on the amount she’s investing.

Government Co-Contribution eligibility

You should be eligible for the Commonwealth Government Co-Contribution if:

  • Your total income is less than $56,112 for the 2021/22 financial year
  • You 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.

You are not entitled to a super co-contribution for any personal contributions you have made that have been allowed as a tax deduction.



Some frequently asked questions about Government Co-Contributions

  • The superannuation co-contribution scheme exists to help low to middle income earners save more for retirement.

    Depending on your total income each year, the Commonwealth Government may give your Super SA account a bit of a top-up. How much you get from the government depends on how much you contribute (after tax) as well as your total income for the year.

    If you would like to learn more about Government Co-contributions, get in touch with our Member Services Team now.

  • An after-tax contribution is the money you pay into your Super SA account after the tax on that income has already been deducted.
    If you would like to learn more about after-tax contributions, click here. 
  • To receive the co-contribution, your total income must be less than the higher income threshold for that financial year.

    Your total income

    For the purpose of this test your total income for the financial year is:

    • the total of your assessable income
    • reportable fringe benefits total (RFBT)
    • total reportable super contributions reduced (but not below zero) by any excess concessional contributions

    minus your   

    • assessable first home super saver released amount
    • allowable business deductions.

    If you are carrying on a business, you may have a high turnover but still be eligible for the super co-contribution due to your allowable business deductions.

    For more information about Income Threshold’s click here to visit the ATO website.

     


Ready to make an after-tax contribution and receive your Government Co-contribution?

BPAY is a simple way to make one-off contributions. Alternatively, you can set up re-occurring payments using BPAY. Alternatively complete a Change to After-Tax Contribution Rate form to deduce a percentage into your super fund1 .

Have the following details ready when making your payment:

  • Triple S Biller Code: 465104
  • Super SA Select Biller Code: 979559
  • Your unique Customer Reference Number (can be found in your online member portal)

If you need help with anything, don’t hesitate to give us a call on 1300 369 315 or email us.

1 If you already make regular after tax contributions they will count towards the eligibility to receive a Government Co-contribution.

The information shown on this website is general information only. We haven’t considered your needs or objectives when providing the information. You should assess your own financial situation and needs and read the relevant Product Disclosure Statement before deciding about products on this website.

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