How good would it feel to have the Government give you money for a change?

Well, get ready to feel good!

To be eligible for a super co-contribution payment from the Government of up to $1,000 you just have to meet the following criteria:

• have an assessable income of less than $61,920 per annum
• be under 71 years old
• earn 10% or more of your income from employment or being self-employed
• be an Australian resident and not have held an eligible temporary resident visa at any time during the financial year
• lodge a Tax Return, and
• make a personal contribution (after-tax) to your own account.

If you tick all of these boxes the Government could be helping you boost your retirement savings.

How much is it worth?

Depending on your income, the Government will match your contribution dollar for dollar, up at a maximum of $1,000. The maximum amount of $1,000 is for an eligible income of $31,920 or less and gradually phases to zero when your income reaches $61,920. If you are eligible, the co-contribution is paid automatically by the Tax Office to your account, based on your tax return and information received from the Fund.

Importantly, you need to make your own personal contribution before 30 June to be eligible for a co-contribution payment in that financial year. Click here to see how easy it is to make a personal contribution.

For more information see the Co-contributions flyer.

How can co-contributions add up?