Government Co-contribution up to $500
If you are on a lower income, the Australian Government is contributing 50 cents toward your super for every $1 extra you contribute to your super, up to a maximum of $500 a year. This is called the co-contribution scheme.
Eligibility for the super co-contribution:
You are eligible if:
- your total income (including assessable income, fringe benefits and reportable super contributions) for the financial year 2018-19 is less than $52,697.
- 10% or more of your total income comes from eligible employment-related activities or carrying on a business, or a combination of both.
- you are less than 71 years old at the end of the financial year.
- you did not hold a temporary visa at any time during the financial year (unless you are a New Zealand citizen or it was a prescribed visa).
- you have a total superannuation balance less than the transfer balance cap ($1.6 million from 2017-18) at the end of 30 June of the previous financial year.
- you have not contributed more than you non-concessional contribution cap.
- make an after-tax contribution before 30 June 2019.
- you have lodged your tax return for the financial year.