The Government co-contribution is available to certain individuals who make eligible personal contributions (being a personal contribution for which no tax deduction has been claimed) to a super fund. The Government co-contribution is payable to you if:
- you make a personal non-deductible contribution; and
- at least 10% of your total income is from eligible employment related activities, running a business or a combination of both; and
- your total income for the income year is less than $53,564;
- you lodge a tax return for the relevant year;
- you are under age 71 at the end of the income year in which the contribution is made;
- you do not exceed your non-concessional contributions cap in the relevant financial year; and
- you do not have a total superannuation balance equal to or greater than $1.6 million.
The co-contribution is paid at a rate of 50% of the eligible contributions with a maximum co-contribution of $500.