If you earn less than $52,697 a year, the government will add to any contributions you make from your after-tax pay. This is called a co-contribution.
If your income is near the threshold, you may be best making your extra super payments via a combination of before-tax income and after-tax income. Try our Contributions calculator or get in touch and we’ll help you unpack your options.
If you earn less than $52,697 a year, for any extra super payments you make from your after-tax money, the government will pay up to 50 cents in the dollar into your super. The maximum co-contribution you can receive is $500 a year, depending on your total income. Total income includes your assessable income, reportable fringe benefits and reportable super contributions.
You’re eligible for a co-contribution if you:
How much you’ll receive depends on your income. The table below will help you work it out.
|Your income||Your estimated co-contribution|
|$37,697 or less||$500||$400||$250||$100|
|$52,697 or more||$0||$0||$0||$0|
There's no need to apply or to do any extra paperwork. If you're eligible, the government will pay the co-contribution directly into your super account after you've put in your tax return for the financial year you made the contribution in.
For example, if you add to your super before 30 June 2019, you'll receive your government co-contribution after you've lodged your 2018-19 tax return.
Should you be making before-tax or after-tax contributions? Find out with our super easy Contributions calculator.
Will you have enough for a comfortable retirement? Try our Retirement $ projector and find out.