The superannuation co-contribution that the government makes to the superannuation accounts of eligible contributors attracts a lot of attention and publicity towards the end of each financial year – and its free superannuation money. We wrote about it in an article previously but, as the end of the eligible contribution period for getting money in to your superannuation trustee, we are running a reference to that article again.
Government co-contribution is free money to your superannuation account
If the income earned for the current financial year is likely to be less than $62,000 1 you may be eligible to have the government add a further amount into your account, helping your superannuation account to grow – for free: you can receive a co-contribution based on your own undeducted contribution of up to $1,000 – subject to the eligibility we discussed in the article linked above (and that seems to change on an annual basis).
For advice and guidance on your superannuation account and any proposed contributions, Contact Us and arrange a meeting with a financial planner who can help you ensure you optimise your opportunities.
Annually updated information
The Australian Government publishes updates on the Taxation Office website 2 each year. It updates the eligibility criteria based on level of income – and the level of undeducted contribution the government is willing to ‘subsidise’ in this format. Refer to the footer link below for eligibility criteria in more recent years.
How Continuum Financial Planners can assist
The experienced advisers at ContinuumFP can assist you with your determination as to eligibility for the government super co-contribution. To arrange a meeting with one of them –
- phone our office of 07 3421 3456, or
- at your convenience, use the linked Book A Meeting facility.
1 This was the eligible income amount for the 2012 financial year. (2012 was the year we first published this article. There is now a more complicated formula to determine the income limit for eligibility.) To assess your eligibility, refer to the ATO website page at Note 2 below.
(This post was originally published in June 2012. It has occasionally been refreshed/ updated, most recently in January 2025.)
