Simply file your tax return
The Federal Government’s co-contribution scheme is designed to help lower income earners boost their retirement savings in superannuation.
All you have to do is file your annual tax return and the ATO will automatically assess your eligibility and pay any entitlement into your super account.
How does it work?
1. Every dollar in after-tax contributions you make into your super (up to $1,000) will be met by a 50 cent co-contribution from the government.
2. The government will contribute up to $500 in payments based on the above formula every year
Am I eligible?
Eligibility for the Government co-contribution is based on the following criteria:
- You are a permanent resident and under 71 years of age at the end of the financial year
- You earn 10% or more of your total income from employment, running a business, or a combination of both
- You earn a total income of less than $53,564 in a financial year
- You have not held a temporary resident visa at any time during the year (unless you are a New Zealand resident or hold a prescribed visa)
Important points to consider:
To claim your government co-contribution you need to make any after-tax contributions before June 30 and lodge an income tax return for the financial year.