A boost from the government into your super
What is the government co-contribution?
Government super co-contribution is an incentive for lower income earners to add to their own superannuation. Depending on your annual income (up to $58,445 per year), whenever you make a voluntary after-tax contribution to your super, the government can chip-in to boost your super balance even more.
How the super co-contribution works in 2023/24
If you earn less than $58,445 per year, the government can contribute up to $500 to your super account in a year. Depending on your income, the government will pay in up to 50 cents for every one dollar you contribute yourself from your after-tax income.
Who is eligible?
You need to satisfy certain basic criteria to be eligible for a government co-contribution. In 2023/24 you must:
- Be an Australian citizen, a permanent Australian resident or a New Zealand citizen working in Australia
- Be less than 71 years of age
- Have made at least one voluntary, after-tax contribution to your super fund
- Earn less than $58,445 in that financial year
- Be in full or part-time employment and/or run your own business
- Include all the details of your after-tax contributions on your Tax Return
- Have a super balance of less than $1.7 million on 30 June of the previous financial year
- Not have exceeded the before-tax contributions cap in the current financial year
How to contribute
Making a voluntary, after-tax contribution to your super can be done in just a few simple steps:
- Log into your super fund member section and find your fund's BPay code or EFT details
- Make the payment from your bank to your super account
- Fill out the form Intent to claim a deduction for personal super contributions and send it to your fund. They'll send an acknowledgement letter back.
- Complete the contribution details in your next tax return (section D12) and include the acknowledgment letter. The ATO then does the rest.
How to get your co-contribution
It is not necessary to apply for the co-contribution. The ATO automatically works out the level of co-contribution and pays it into your super.
For help, or more information, contact your Industry SuperFund.