Government co-contribution
The Federal Government provides eligible individuals with a superannuation co-contribution to help them save for retirement.
The Government co-contribution
If you are eligible and your total income is $31,920 or less the Government will put $1.00 into your superannuation fund for every $1 in personal member contributions you make.
Only personal contributions up to $1,000 will attract the co-contribution, making $1,000 the maximum that you can receive from the Government. The amount the Government contributes reduces by 3.333 cents for each dollar by which your total income exceeds $31,920. Therefore, no co-contribution is available where your total income is $61,920 or more.
Since 1 July 2009, any salary sacrifice contributions may count as part of your income in assessing whether or not you are eligible for the co-contribution.
The ATO website has a handy calculator to help you work out what your co-contribution might be and how much you would need to contribute to receive this contribution.
Co-contribution eligibility
To receive the co-contribution for the 2011-12 financial year, you must:
- Have made personal superannuation contributions during the financial year. Super payments from a third party, such as an employer or spouse, and salary sacrifice contributions do not currently count as personal contributions
- Have a total income (assessable income plus reportable fringe benefits and salary sacrifice contributions*) of less than $61,920 for the financial year
- 10% or more of your total income is from eligible employment, running a business or a combination of both
- Not have held an eligible temporary resident visa during the year
- Lodge a tax return for the financial year
- Be less than 71 years of age at the end of the financial year
Making personal contributions
AvSuper accepts personal contributions at any time, both as lump sum payments and as regular bank deposits. Please refer to our contributions page or download the personal contributions form for further details.
*Since 1 July 2009, any salary sacrifice contributions count as part of your income in assessing your eligibility for the co-contribution.
