Co-contributions

The Government co-contribution is an 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 $61,920 per annum;
• are aged less than 71, and
• earn 10% or more of your income from employment or being self-employed.

Depending on your income, you could receive as much as $1.00 from the Government for every $1.00 you contribute. The maximum amount you can receive is $1,000 for an eligible income of $31,920 or less, this amount gradually phases to zero when your income reaches $61,920.

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.