What is the co-contribution?

If you’re a low or middle-income earner and make personal (after-tax) contributions to your super fund, the government may also make a contribution (called a co-contribution) up to a maximum amount of $500. The amount of government co-contribution you receive depends on your income and how much you contribute.

How do I find my super co-contribution?

Eligibility for the super co-contribution

  1. have made one or more eligible personal super contributions to your super account during the financial year.
  2. pass the two income tests (income threshold and 10% eligible income tests)
  3. be less than 71 years old at the end of the financial year.

What is the government co-contribution scheme?

The co-contribution scheme means that, for every dollar you put into super from your after-tax pay, the government may match it with up to 50 cents for up to $500. The best part about it? You don’t have to fill in a single form beyond lodging an annual tax return.

Who is eligible for govt co-contribution?

have a total income that’s less than $54,837 in the 2020/21 financial year, or $56,112 in the 2021/22 financial year for at least a part co-contribution (more info on this below) receive 10% or more of your income from eligible employment and/or running a business.

Do I qualify for a free $500 from the government for my super?

Low income super tax offset If your adjusted taxable income3 is $37,000 or less, you may receive a LISTO of up to $500, paid into your super.

Is the government co-contribution taxable?

Calculating your entitlement If eligible, the ATO will pay your co-contribution directly into your superannuation account. This payment is tax-free and does not affect your taxable income.

Is government co-contribution concessional or non-concessional?

Assuming you earn less than $56,112 (‘total income’) for the 2021-22 year ($54,837 for the 2020-21 year), you then make a non-concessional (after-tax) contribution to your superannuation fund. You lodge your tax return. Within 60 days, the Government pays the co-contribution into your superannuation fund.