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Build your retirement savings with help from the Australian Government
A co-contribution is an extra amount the Government adds to your super if you're a lower income earner who has made after-tax contributions and are otherwise eligible. This could mean reaching your super goals sooner, rather than later.
If you earn less than $39,837 in the 2020-21 financial year, are eligible, and make after-tax contributions to your superannuation, the Government will pay 50 cents into your super for every $1 that you contribute yourself, up to a maximum of $500.
If you earn between $39,837 and $54,837, you may still be eligible for the co-contribution; however, the higher your income, the less the Government will contribute to your super. If you earn more than $54,837, you are ineligible to receive the Government co-contribution.
The amount you receive from the Government will depend on two income tests. The first is the income threshold test, which calculates your total income for the year.1
To be able to receive the maximum co-contribution, your total income must be less than $39,837 for the 2020-21 financial year. The co-contribution reduces on a sliding scale, as shown in the table below:
The second test is the 10% income test, where you must earn 10% of your income from eligible employment, or 10% or more of your income from carrying on a business, or a combination of both.
Tamara works part-time as a nurse and earns a salary of $30,000 per annum. Tamara has some savings and makes an after-tax voluntary contribution of $1,000 to her super. This money is invested in her super tax-free. Tamara makes the contribution before 30 June. After lodging her tax return, the Government also pays a $500 co-contribution directly to her super – giving her retirement savings an additional boost.
Work out how much extra you could get with our co-contribution calculator.
To be eligible for the Government co-contribution, there are a few requirements you must satisfy:
To learn more about the Government co-contribution, download our Personal Contributions Guide (pdf).
Making after-tax contributions is easy; you can make a one-off deposit or regular payments.
Get advice about growing your super over the phone, at no additional cost.2
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1. Your income is the sum of your assessable income for the financial year, excluding assessable FHSS released amounts for the financial year, your reportable fringe benefits total (RFBT) for the financial year and your total reportable super contributions for the financial year, less your allowable business deductions.
2. For Income and Accumulation account members who receive personal financial advice from QInvest (ABN 35 063 511 580, AFSL 238274), the QSuper Board may pay for some or all the advice fee for advice related to your QSuper benefit. Eligibility conditions apply. Refer to the Financial Services Guide for more information.
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