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What is the Government’s co-contribution to super?
To help Australians reach their retirement goals, the Government may contribute up to a maximum of $500 to the super accounts of people who meet certain criteria.
Eligibility for the Government co-contribution
If you answer yes to all of the following, you’ll be eligible for the Government co-contributions:
- you've made one or more eligible personal super contributions to your super during the financial year
- you pass the income threshold test and the 10% eligible income test
- you're less than 71 years old at the end of the financial year
- you didn’t hold a temporary visa at any time during the financial year (unless you’re a New Zealand citizen or it was a prescribed visa)
- you’ve lodged your tax return for the relevant financial year.
Also, to be eligible for the Government co-contribution in the 2017/18 financial year or any subsequent financial year:
- you must have a Total Superannuation Balance less than the transfer balance cap ($1.6 million for the 2017/18 financial year) on 30 June of the previous financial year
- you haven’t contributed an amount more than your non-concessional contributions cap for the relevant financial year.
Visit the Australian Tax Office's (ATO) website for more information on eligibility for the Government co-contribution.
You’re not entitled to a Government co-contribution for any personal contributions you’ve made that have been allowed as a tax deduction (see the ATO’s website for more information on claiming deductions for personal super contributions.
How much you'll receive from the Government if you make an eligible contribution in the 2017/18 financial year
How the Government co-contribution is paid
It's important to make your contribution(s) before the 30th of June if you wish to take advantage of the Government’s initiative. You need to allow enough processing time so that you don’t miss out.
The ATO will assess if you’re eligible for the Government co-contribution when you lodge your tax return. If you’re eligible, the Government co-contribution will be calculated and paid directly into your super account. You don’t have to do anything else.
The information on this web page is of a general nature only and has been prepared by the Trustee without taking into account your objectives, financial circumstances or needs. Before acting on any of this information, you should consider whether it is appropriate to your objectives, financial circumstances and needs, and seek appropriate professional advice. You should not rely on this information to determine your personal tax obligations, please consult a registered tax agent for this purpose.