Did you know the Government can contribute to your super fund?

Melisa Wheatley Thursday, 13 February 2020

If you are a low or middle income earner, and you make a personal contribution into your superfund, the government may also make a Co-contribution, to a maximum of $500 per year.

The amount the government contributes, depends on your income and how much you put into super.

You don’t need to do a separate application to receive the co-contribution, the ATO will work out if you are eligible once you lodge your tax return.

To be eligible for the contribution, you must meet all the below requirements:

  • Be under 71 years old
  • Not hold a temporary VISA
  • Have a total super balance of less than $1.6 million
  • Not have contributed more than your non- concessional contributions cap
  • You are not entitled to a co-contribution for any super contributions that have been claimed as a tax deduction.
  • Your income for the 2019 financial year, must be less than $53,563, for any co-contribution
  • At least 10% of your income must be received as salary and wage, or business income.        
If all the above requirements are met the government will automatically co-contribute to your super account.