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Superannuation Co-Contribution

At the time of original posting of this article a superannuation co-contribution is available from the Government. Superannuation fund members who make a personal after tax superannuation contribution during the financial year, are eligible for a co-contribution of fifty cents for each dollar of such contribution, up to $500. Using this strategy, a superannuation investor can generate a 50% tax free return on their contribution investment within one year.

In broad terms, the following criteria apply:

  • Make a personal non-concessional contribution to your super account;
  • Have at least 10% of your income from services as an employee (or from carrying on a business);
  • Lodge an income tax return for the year (not being a temporary resident); and
  • Be under 71 years of age at the end of the financial year.

If all of the above criteria are met, then total income for the year (in a business situation, this means the gross income less all deductible business expenses) under $48,516 (in the 2014 financial year) will result in some level of government co-contribution – and less than $33,516 will result in the full 50% up to a maximum of $500.

You can check the ATO website to see more detail on the eligibility requirements for the Government Co-Contribution – and to see how much you will receive: click on the links below:

  • Am I eligible for the Government Co Contribution?
  • How much Government Co-Contribution will I receive?

The experienced advisers at Continuum Financial Planners Pty Ltd are available to assist you with any enhancements you would like made to your superannuation strategy (including making non-concessional contributions to attract the government co-contribution): call our office (on 07-34213456) or use the Contact Us online facility and be assured that in all matters: ‘we listen, we understand; and we have solutions’ to your needs – your enquiry will be promptly attended.

(This is the November 2013 updated version of the article originally posted in May 2008; ATO links updated December 2015; and some refreshing of the article in January 2020.)

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