What better way to increase your super nest egg, than getting the government to do it for you? Co-contributions are special payments made by the government to super accounts of members whose assessable income is less than $60,342 and who make personal contributions from their after tax salary.
How do Co-contributions work?
The co-contribution you receive depends on your total income. Total income includes all assessable income for tax purposes (i.e. wages, share dividends etc., as well as reportable fringe benefits). If your total income is below $30,342 a maximum of $1,500 per year for a $1,000 personal contribution applies.
You could receive up to $1.50 for every $1 dollar you contribute.
This is not a one-off payment! You can do this every year and continue to receive up to 150% return on your money tax free from the Government. The scheme works on a sliding scale: the more you earn, the less you get. Co-contributions phase out completely if your salary reaches $60,342.
Co-contributions calculator
Extra information
Make a contribution via BPay
