If you make after-tax personal contributions into your super, you may be eligible for a top-up from the Government called a Government Co-contribution.
With the Government's super co-contribution scheme, if you are eligible and your total income* is $42,016 or less (for 2022/23), then you will receive 50 cents from the Government for every after-tax dollar you contribute to super up to a maximum of $500.
The co-contribution amount decreases by 3.333 cents for every dollar earned over $42,016, until it reaches zero at $57,016 (for 2022/23). The maximum co-contribution is $500.
you make an eligible personal super contribution by 30 June each year into a complying super fund or retirement savings account
your total income* for the financial year is less than the higher income threshold ($57,016 for 2022/23 before tax)
10% or more of your total income is from eligible employment, carrying on a business or a combination of both
you are under age 71 at the end of the financial year
you are not a temporary resident at any time during the financial year (unless you are a New Zealand citizen, or it was a prescribed visa)
you lodge your income tax return for the relevant income year
have a total super balance less than the general transfer balance cap ($1.7 million for the 2022/23 financial year) at the end of 30 June of the previous financial year
have not contributed more than your non-concessional contribution cap.
You can see the amount of co-contribution that may be paid to your account based on the amount of personal contributions at the ATO website.
The Australian Taxation Office (ATO) will assess your eligibility and, if applicable, determine the government contribution amount based on the information the ATO obtains from your income tax return and other sources, including contributions information provided by us. For further information about government co-contributions, including eligibility requirements, please visit the ATO website.
Things you should know
* Total income is defined as:
**RESC are generally salary sacrifice contributions to super or amounts that you could have chosen to receive as salary or wages. RESC does not include superannuation guarantee contributions.
Superannuation is a long-term investment. The Government has placed restrictions on when you can access your preserved benefits. The Government has set caps on the amount of money you can add to superannuation each year on a concessionally taxed basis. In addition, the Government has set a non-concessional contributions cap. For more detail, speak with a financial adviser or visit the ATO website.
Last updated 1 July 2022.
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