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If you’re on a lower income, the Australian Government will chip in 50 cents toward your super for every $1 extra you contribute yourself, up to a maximum of $500 a year. It’s a handy extra injection to your super that could actually make a real difference come retirement.
If you earn less than $37,697 in 2018/2019 and contributed $1,000 or more after-tax, then you’ll qualify for the full $500. Above that, payments are scaled as follows:
To find out exactly how much you could be eligible for, use our Co-contribution calculator.
For Queensland Government employees – If you meet eligibility criteria (see FAQs below) and you’re making after-tax standard member contributions (usually 5% of your salary), you’ll automatically be considered for super co-contributions by the ATO.
For non-Queensland Government employees – If you meet the eligibility criteria, you’ll need to make an after-tax contribution to superannuation to be considered for the super co-contribution by the ATO.
For members salary sacrificing – Contributions made via salary sacrifice are made before tax, so don’t count towards the super co-contribution. If you’re salary sacrificing your standard contributions, you may need to make extra after-tax voluntary contributions to qualify for the co-contribution. You can do this by:
Who exactly is eligible for the super co-contribution?
You are eligible if:
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.
For regular deductions
If you work for the Queensland Government or a related entity, complete a Start or Change Regular Contributions to Your Super form, and nominate the amount you’d like to contribute.
If you don’t work for the Queensland Government, have a chat to your employer and they’ll be able to point you in the right direction.
For a one-off deposit
1. Total income is assessable income, reportable fringe benefits, and reportable employer superannuation contributions.
2. In case you’re wondering, eligible employment is where a person is treated as an employee for superannuation guarantee purposes. If you earn your income from sources like rentals, investments, or income streams, you generally won’t be eligible for the co-contribution because none of your income is from eligible employment.
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