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Super co-contributions

If you want to be in control of your retirement, a good place to start is to get on top of your super. You don’t need to be a high income earner to take charge of your super. For low and middle-income earners, the government could help you boost your super balance by matching contributions you make. This could help boost your super and set you on your way to living your dream retirement. Below we explore what government super co-contributions are and how to know if you’re eligible.

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3 minute read

Key takeaways:

  • Super co-contributions can help eligible people boost their retirement savings.
  • If you’re a low or middle-income earner and have made after-tax contributions to your super, you might be eligible for a government co-contribution of up to $500 a year.
  • You don’t need to apply for the government co-contribution; the ATO will determine if you are eligible when you lodge your tax return.

What are super co-contributions?

Government super co-contributions are designed to help eligible people grow their retirement savings.

Low and middle-income earners who make personal (after-tax) contributions to their super might be eligible for a government co-contribution of up to $500 per year. That extra boost could make a big difference to your super balance when it comes time to retire.

How much will I get?

While the maximum amount you can receive in government co-contributions is $500, the actual amount you are eligible for is determined by your income and how much you contribute to super in a financial year.

If you’re keen to find out how much you could be eligible for, you can use the ATO’s super co-contribution calculator to get an estimate.

You don’t need to apply for the government co-contribution – the Australian Taxation Office (ATO) will determine if you are eligible for a co-contribution when you lodge your tax return. Make sure your super fund has your Tax File Number (TFN) so that, if you are eligible, the ATO can transfer the government co-contribution amount into your super account automatically.

Am I eligible for government co-contributions?

There are a number of factors that will determine if you’re eligible to receive government super co-contributions:

  • You make voluntary after-tax contributions to a super fund throughout the financial year.
  • Your total income is less than $56,112 for the 2021-22 financial year.
  • You lodge an income tax return for the financial year.
  • You are under 71 years old at the end of the financial year.
  • You earned 10% or more of your income from running a business or from eligible employment or from a combination of both.
  • You have not held a temporary resident visa during the financial year.
  • Your non-concessional (after-tax) contributions did not exceed the cap for the financial year.
  • Your total super balance is less than $1,700,000 at the end of the previous financial year.

For more information, you can visit the ATO website.

How can I make additional contributions?

There are several ways you can make voluntary after-tax contributions to your super. These apply whether you are eligible for the government co-contribution or not.

  • BPAY
    • Most super funds allow you to make voluntary, after-tax contributions to your super via BPAY.
  • Direct debit
    • You can add to your super from your take-home pay using direct debit on a regular or once-off basis.
  • Payroll deductions
    • Your employer may be able to make regular payments from your after-tax pay.

Visit our website for more information on government co-contributions as well as how to make personal contributions to your super.

Before joining Australian Retirement Trust, consider the potential loss of insurance and other benefits that you may have in your other funds. The information contained on this website is general information only and does not take into account your individual objectives, financial circumstances or needs. You should consider your own objectives, financial circumstances and needs, before making a decision about the financial product. Also, think about where your future employer contributions will be paid. You should consider the Product Disclosure Statement before deciding whether to acquire, or continue to hold the product. For more information or financial advice from Australian Retirement Trust, call us on 13 11 84.

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