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.