Earn less than $57,016?
The Government co-contribution could be a great way for you to boost your super. It is designed to help low and middle income earners save more super. Basically, the Government will put in 50 cents into your super for every $1 you put in yourself – up to a total of $500 in any financial year.
How do you get it?
To get the co-contribution, all you need to do is make an after-tax contribution to your super. Provided you’re eligible, the Government will then pay your co-contribution directly into your super account after you have lodged your tax return.
To be eligible for the co-contribution, you must:
• Earn less than $57,016 pa (includes assessable income, reportable fringe benefits, and reportable employer super contributions).
• Be an Australian permanent resident under age 71 at the end of the financial year.
• Lodge an income tax return and have provided your TFN to your super fund.
How much will you get?
The most the Government will contribute in any one year is $500, and the exact amount you get depends on how much you earn and how much you contribute.