If you put some of your own money into your super, the government could match it by 50%, up to a maximum of $500.
If you’ve made an after-tax super contribution during the financial year, the government will take a look at your tax return and if you’re eligible, pay the government co-contribution directly to the super fund you made your super contribution into.
If you have more than one super fund and you want your government co-contribution paid to UniSuper, you need to let the ATO know through your MyGov account.
How much could I get?
The following table shows examples of how much the Government might top up your super depending on your income and how much you contribute:
| your Income |
Personal super contribution |
| |
$1,000 |
$800 |
$500 |
$200 |
| $38,564 or less |
$500 |
$400 |
$250 |
$100 |
| $41,564 |
$400 |
$400
|
$250 |
$100 |
| $44,564 |
$300 |
$300 |
$250 |
$100 |
| $47,564 |
$200 |
$200
|
$200
|
$100 |
| $50,564 |
$100 |
$100
|
$100
|
$100 |
| $53,564 or more |
$0 |
$0 |
$0 |
$0 |
Am I eligible for Government co-contributions?
Generally, to be eligible for co-contributions you need to:
- earn an annual total income of less than the $53,564 threshold for the 2019-20 financial year with at least 10% of your total income coming from eligible employment-related activities and/or carrying on a business
- make an eligible personal super contribution during the income year into a complying super fund and not claim a deduction for all of it
- be less than 71 years of age at the end of the financial year in which contributions are made
- be a permanent resident of Australia (limited exceptions apply to New Zealand citizens and other prescribed people holding temporary visas)
- lodge an income tax return for the relevant financial year
- meet the requirements of superannuation law for making voluntary contributions
- have a total super balance of less than the general transfer balance cap on 30 June for the previous financial year
- make sure the contribution/s you make to super don’t exceed your non-concessional (after tax) cap for that year.
To find out more about Government co-contributions, visit the ATO website or call us on 1800 331 685.