Co-contributions

The co-contribution is a Government initiative to assist eligible members to save for their retirement. Individuals who make personal contributions and do not claim a tax deduction (these are generally after-tax contributions) may be entitled to a co-contribution from the Government if they satisfy certain criteria including the following:

• have an assessable income of less than $60,342 per annum;
• are aged less than 71;
• earn 10% or more of your income from employment or being self-employed; and
• lodge a Tax Return.

Depending on your income, you could receive as much as $1.50 from the Government for every $1.00 you contribute. The maximum amount you can receive is $1,500 for an eligible income of $30,342 or less and gradually phases to zero when your income reaches $60,342. If you are eligible, the co-contribution is paid automatically by the ATO to your account based on your tax return and information received from the Fund.

How can co-contributions add up?