Co-Contributions

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Get a great return by making a Co-Contribution

The Government's co-contributions scheme is a great incentive for you to save more in your super account.

If you qualify, for every $1 you put into your super account the Government will put in $1.00, up to a maximum of $1,000. So for $1,000 of your own money, you could have $2,000 working for you towards your retirement.

To be eligible for a co-contribution:

You need to be under 71 and earning no more than $61,920 a year (including fringe benefits);
You must be employed in some capacity, even if only part-time or casual; and 10% or more of your total income (less any business deductions) is from eligible employment, either for an employer or self employed;
You need to make an after-tax contribution to your super account before 30 June in that particular financial year; and
You need to lodge a tax return for the same financial year.

If you earn more than $31,920, the maximum co-contribution is scaled back at the rate of 5¢ in the dollar. So, for example, if you're earning $35,000 a year the maximum the Government will put in is $897 (if you contribute $1,000 a year – that’s about $20 per week).

This table shows a few more examples or you can simply go to the Australian Tax Office's Co-contribution calculator and calculate your own example.

For Financial year 2009/10.

Your annual income
(including reportable fringe benefits) $500 a year
(about $10 a week) $1,000 a year
(about $20 a week)

below $31,920 $500 co-contribution $1,000 co-contribution

$35,000 $500 co-contribution $897 co-contribution

$45,000 $500 co-contribution $564 co-contribution

$55,000 $231 co-contribution $231 co-contribution

$61,920 or above Nil Nil
Source: ATO website