Government co-contribution

Get a Government boost to your super

What is the Government’s co-contribution?

To help lower and middle-income earners reach their retirement goals, the Government may contribute up to a maximum of $500 to their super if they make personal contributions and meet certain eligibility criteria. The co-contribution amount depends on, amongst other factors explained below, a person’s income and how much they contribute to super.

Need more information?

Visit the Australian Tax Office’s (ATO) website for more information on eligibility for the Government co-contribution or give us a call.

How is the Government co-contribution paid into your super?

The Australian Taxation Office (ATO) will determine if you’re eligible for the Government co-contribution when you lodge your tax return. If you’re eligible, they’ll calculate the amount and pay it directly into your super account. You don’t have to do anything else.

Am I eligible?

To receive a Government co-contribution in a financial year, you need to:

have made one or more eligible voluntary after-tax contributions to your super by 30 June
have not claimed a tax deduction on the voluntary contributions to your super
be less than 71 years old at 30 June
pass the income threshold test and the 10% eligible income test
not be in possession of a temporary visa at any time during the financial year (unless you’re a New Zealand citizen or it was a prescribed visa)

have a Total Superannuation Balance less than the transfer balance cap ($1.7 million for the 2022/23 financial year) on 30 June of the previous financial year
have not exceeded the non-concessional contributions cap
have lodged your tax return.

An illustration of a man

Ryan
44 years of age

Ryan makes an after-tax contribution to super, qualifying for a Government co-contribution

Ryan’s employed and earns $35,000 pa.

He wants to build his retirement savings and can afford to invest $1,000 a year.

He decides to make a personal after-tax super contribution.

By using this strategy, he’ll qualify for a co-contribution of $500. That’s a return of 50% on the amount he invested.

Bring your super together

Consolidating your super by bringing it together in one place can be one of the most effective ways to grow your super, by no longer paying multiple fees and potentially multiple insurance premiums.

Voluntary contributions

Voluntary contributions are money that you contribute into your super from your after-tax income or other money that you can invest. These are also known as non-concessional contributions.

Spouse contributions

Do you have more super than your spouse? You could add to their super and both enjoy the benefits of less tax and more super for retirement.

Catch-up contributions

There’s a solution if you feel like you’ve missed the boat when it comes to building your retirement savings due to expenses or time-out raising kids, study or parents’ aged care.

Salary sacrifice contributions

If you can afford to give up some of your salary to grow your super, and your employer allows, you can arrange for ‘salary sacrifice’ contributions.

Downsizer contributions

The downsizer contribution allows eligible Australians aged 55 or older to sell their home and contribute up to $300,000 of the proceeds into their super.

Important Information

The information on this web page is of a general nature only and has been prepared on behalf of the Trustee without taking into account your objectives, financial circumstances or needs. Before acting on any of this information, you should consider whether it is appropriate to your objectives, financial circumstances and needs, and seek appropriate professional advice. You should not rely on this information to determine your personal tax obligations, please consult a registered tax agent for this purpose.