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Co-contributions
Co-contributions are special payments made by the government into the super of members whose assessable income is less than $61,920 and who make personal contributions from their after tax salary. From 1 July 2009, you can gain up to $1 for every dollar you put into your super.
How do Co-contributions work?
Depending on your salary, for every $1 you put into your super, the government puts in up to $1.00 into your super for you, up to $1,000. $20 a week increases your super by $1,040 a year. Adding in the $1,000p.a. co-contribution could net you a whopping $2040 a year in total! You can do this every year and receive returns on your money tax-free from the Government!
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What do I have to do?
Contribute by 30 June each year, and lodge your income tax return at the end of the financial year. If approved by the Australian Tax Office, the money will be added automatically into your super.
Co-contribution rates for each financial year :
| Year ending |
Government co-contribution rate |
Maximum Government
co-contribution |
|
30 June 2009 |
150% |
$1,500 |
|
30 June 2010-2012 |
100% |
$1,000 |
|
30 June 2013-2014 |
125% |
$1,250 |
|
30 June 2015 |
150% |
$1,500 |
Note: A financial year is a period of 12 months that starts on 1 July and ends on 30 June, 12 months later.
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Got a question?
Ask our friendly Member Services team on (03) 9911 3222 (regional callers 1300 300 820)
The co-contribution you receive depends on your total income. Co-contributions work on a sliding scale: the more you earn, the less you get. Co-contributions phase out completely if your salary reaches $60,342. Total income includes all assessable income for tax purposes (i.e. wages, share dividends etc., as well as reportable fringe benefits). If your total income is below $30,342 a maximum of $1,500 per year for a $1,000 personal contribution applies. |
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