Co-contribution
The super co-contribution is an incentive offered by the Australian Government to encourage you to save for retirement. So, how does it work?
The government will put in $1 for each $1 you contribute to super (up to a maximum of $1000 p.a.), if your total income is less than $31,920 p.a. The co-contribution gradually lessens for incomes above $31,920 before cutting out completely for incomes of $61,920 p.a. or more.
Eligibility
To receive the co-contribution, you need to meet all of the following:
- make voluntary (after-tax) contributions to your super (not salary sacrificed)
- have total income(assessable income plus reportable super contributions, including salary sacrifice contributions) of less than $61,920 p.a.
- earn 10% or more of your total income from employment where you are treated as an employee for superannuation guarantee purposes, carrying on a business or a combination of both
- lodge a tax return for the financial year
- be less than 71 years old at the end of the year
- not be a temporary resident
How much you could receive
The table below shows the maximum co-contribution you could receive and the amount you need to contribute to receive it.
| Total income p.a. | Maximum | Voluntary contribution required |
|---|---|---|
| Up to $31,920 | $1000 | $1000 |
| $35,000 | $897 | $897 |
| $40,000 | $730 | $730 |
| $45,000 | $564 | $564 |
| $50,000 | $397 | $397 |
| $55,000 | $230 | $230 |
| $60,000 | $64 | $64 |
| $61,920 or more | 0 | n/a |
More information
