Who exactly is eligible for the super co-contribution?
You are eligible if:
- your total income1 is less than $51,021 for the 2016/2017 financial year
- you made a non-concessional (after-tax) contribution before 30 June of the financial year
- 10 per cent or more of your total income is earned from eligible activities, including being an employee, running a business, or both
- you’re under age 71 at the end of the financial year
- you haven’t held an eligible temporary resident visa at any time during the financial year
- you’ve lodged a tax return for the financial year.
Spouse contributions aren’t included when assessing eligibility for the super co-contribution, and the co-contributions don’t count towards the contribution caps.
Do I need to apply for the super co-contribution?
No. It’s all done automatically when you lodge your tax return as normal. The ATO will use the information on your tax return to work out whether you’re eligible and, if you are, deposit the co-contribution directly into your super account.