Government Co-contributions

We've got some great news about your super. You could be eligible to get some bonus $$ from the government. Check it out.

If you earn less than $58,980 and make a personal (after tax) contribution into your super account before June 30, the government will match every dollar of your personal contribution with $1.50, up to certain limits (the maximum co-contribution is $1,500, but it reduces as your income increases from $28,980, phasing out at $58,980).

Type your income into the box below and see how much the gov't will kick in.

Work out how much you'll get

Provide your assessable income and reportable fringe benefits (huh?) for the 2008 financial year, and we'll tell you the maximum co-contribution you can get.



So how does it work?

Let's consider the case of Jane, who's earning $36,000 per year:

  • Jane scrapes together $500 (by selling her 80s stuff to trendy vintage stores) and puts it into her max Super account before 30th June 2008.
  • She then lodges her tax return after July 1, 2008.
  • The Australian Tax Office will work out that Jane's eligible for the Government Co-contribution and pays an extra $750 into her max Super account.

The best part is, she doesn't pay any tax on the Government Co-contribution. $$$ for jam!

Do I qualify?

There are some criteria you'll need to meet - don't complain, it's bonus $$ from the government! So make sure you:

  1. earn under $58,980 per annum (income includes your assessable income plus reportable fringe benefits);
  2. make a personal after tax contribution to your super before June 30th 2008 (this doesn't include salary sacrifice contributions or spouse contributions);
  3. are a permanent Australian resident;
  4. make 10% or more of your income from eligible employment, running a business, or a combination of both;
  5. lodge an income tax return for income year; and
  6. are less than 71 years old at the end of the income year.

There are heaps of ways to make a contribution: download our Voluntary Contributions fact sheet, choose a payment method, and get on to it!

If you like nitty-gritty, more details on the Government Co-contribution are also available on the ATO website.

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