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If you qualify for the Commonwealth Government Co-contribution1 it could help grow your super even faster.

The co-contribution scheme rewards you for personally contributing to your super after tax by offering to match a percentage of your contribution.

The Commonwealth Government will match up to 50%1 of your personal contributions in a financial year, up to a maximum of $5001. This means for every dollar you contribute, the Government will also contribute $0.501, up to a maximum of $5001.

To be eligible for a co-contribution you must:

  • be less than 71 years old
  • make at least one personal after-tax contribution to your super by 30 June each year
  • have at least 10% of your total assessable income and reportable fringe benefits attributable to eligible employment (as determined by the Tax Office).
  • earn less than $46,9201 in that financial year
  • not hold an eligible temporary resident visa at any time during the year and
  • lodge an Australian income tax return

To receive the maximum co-contribution of $5001 you need to contribute at least $1,000 after tax and earn less than $31,920 a year. The co-contribution you can receive reduces on a sliding scale, and phases out altogether when your income reaches $46,9201.

 If your after-tax super contribution is:
 $1,000$800$500$200
If your income is:Your super co-contribution will be:
$31,920 or less$500$400$250$100
$32,920$467$400$250$100
$34,920$400$400$250$100
$36,920$333$333$250$100
$38,920$267$267$250$100
$40,920$200$200$200$100
$42,920$133$133$133$100
$44,920$67$67$67$67
$46,920$0$0$0$0

1 At this time the Commonwealth Government has proposed these amounts for the 2012-13 financial year. They are not yet law.

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