The government co-contribution is a payment made by the Federal Government to low and middle-income earners. The payment is designed to reward those who make an additional contribution to their super, on top of what their employer contributes, by matching 50% of voluntary contributions made within limits set by law.
If you earn less than $54,837* per annum and make a voluntary contribution, you may be eligible for a co-contribution of up to $500.
The maximum co-contribution of $500 applies for people earning up to $39,837* who have made a voluntary contribution of $1,000 to their super account. The amount of co-contribution reduces for by 3.333 cents for each dollar of income above $39,837. If you make a voluntary contribution of less than $1,000, the amount of co-contribution applicable will also reduce.
If you are eligible for a co-contribution, it will be automatically calculated by the Australian Tax Office and deposited in your super fund each year after you lodge your tax return.
You must ensure we have your tax file number in order to be eligible.
*Applicable for the 2020-21 financial year.