The super co-contribution is a government measure to boost super savings. If you are a low- or middle-income earner, you may be able to receive the super co-contribution from the government by making eligible personal superannuation contributions to your fund. You do not have to contribute the full $1,000 to be eligible – any amount up to $1,000 will attract the super co-contribution.
The co-contribution:
must be preserved in a super fund or retirement savings account (RSA) – it can only be accessed when other preserved amounts can be accessed
is not included as income in your tax return
will not be subject to tax when paid to the fund or RSA provider
will not be taxed when received as a benefit.
Prior to 1 July 2007, only individuals who received income from employment-related activities were eligible to receive the co-contribution. However, from 1 July 2007, the co-contribution initiative has been extended to include self-employed persons.
The maximum co-contribution payable and the way we work out the amount of co-contribution we pay depends on the financial year in which you made your eligible personal super contributions.
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