The super co-contribution was introduced from 1 July 2003. It is an Australian Government initiative to help low to middle income earners save for their retirement.
If you are eligible and make personal super contributions to a complying super fund or retirement savings account (RSA), the Government will match your personal super contribution with a co-contribution up to certain limits.
From 1 July 2007, the maximum co-contribution amount will stay at $1,500, and the self-employed may be eligible.
For the 2006-07 income year, the maximum co-contribution amount was $1,500.
For the 2005-06 income year only, the Government announced a one-off additional payment, doubling your co-contribution entitlement for that year.
From 1 July 2004, the maximum co-contribution amount was increased from $1,000 to $1,500.
Eligibility
From 1 July 2008, you will be eligible for the co-contribution if:
you make a personal super contribution by 30 June each year into a complying super fund or retirement savings account
your total income is less than $60,342 (this is indexed annually to reflect changes in average wages)
10% or more of your total income is from eligible employment, running a business or a combination of both
you are less than 71 years old at the end of the year of income
you do not hold an eligible temporary resident visa at any time during the year
lodge your income tax return.
Your super fund needs your Tax File Number (TFN) before it can accept your personal contribution or a co-contribution from us. For more information refer to Tax file numbers and superannuation.
Remember, you are not entitled to a co-contribution for any amount of personal contributions you choose to claim as a tax deduction. For more information refer to Claiming deductions for personal super contributions.
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