Every dollar can make a big difference to your super balance, as it will compound over the years. So if you earn less than $53,564* per year it is worth making a personal contribution to your super – as the government can add a tax-free bonus of up to $500 into your super account, if you’re eligible.
You’ll receive up to $0.50 for every $1 you add to your super during the financial year – whether it’s a regular payment or a one-off top up from your after tax income.
The total co-contribution will depend on your income, and you will need to lodge a tax return to receive it.
Am I eligible?
To receive a government co-contribution you need to:
- Make voluntary, after-tax contributions during the financial year
- Earn less than $53,564, with at least 10% from running a business or from an employer*
- Be aged under 71 at the end of the financial year
- Be an Australian resident
- Lodge an income tax return for the financial year
Please note, if you’ve held a temporary resident visa at any time during the financial year, you are not eligible.
How much could I get?
|Your total income*||Your after tax contribution||Co-contribution you would receive|
|$38,564 or less||$1,000||$500|
*For the 2019/20 financial year