Back to grow-your-super

Government co-contribution

After-tax

Through the government's co-contribution initiative, if you contribute after-tax money to your super, you may be eligible to receive a contribution from the government if your income is below $52,697 (for the 2018-19 financial year).

To be eligible for the maximum co-contribution from the government ($500^ each financial year), you would need to add $1,000 into your super and earn under $37,697 (for the 2018-19 financial year). The maximum co-contribution then reduces as your income increases until it cuts out for anyone earning over $52,697 per year.

However, if your total super balance is over $1.6 million on 30 June of the year before the relevant financial year, you won’t be eligible for the government co-contribution. See the Australian Tax office website for more information.

Make sure you qualify

If you earn less than $52,697 a year, there are some other things you need to check to make sure you are eligible:

  • Your total income is under $52,697 for the 2018-19 financial year
  • You have a total super balance less than $1.6 million on 30 June of the year before the relevant financial year
  • You make at least one after-tax contribution to your super account during the financial year
  • 10% or more of your total annual income is from eligible employment, running a business or combination of both
  • You’re an Australian citizen, a permanent Australian resident or a New Zealand citizen working in Australia
  • You lodge an income tax return for the financial year (any member over 65 must satisfy the work test)
  • You’re under 71 years of age at the end of the financial year.
  • You’ve provided us with your TFN.

To qualify you must not have contributed an amount more than your non-concessional contributions cap for the relevant financial year.

Co-Contributions Calculator*

What is your total income?

Over   isn’t eligible The maximum co-contribution you could receive is  

How much do you intend to contribute?

You will need to contribute to receive the maximum co-contributions

Co-contributions you could receive




 

How to make a contribution

It’s easy to make additional contribution payments into your Rest or Acumen account via:

To make the most of this you need to make your after-tax contribution before 30 June each financial year.



 

^ The amount of government co-contribution you can receive depends on how much you contribute and what your income is.

® Registered to BPAY Pty Ltd ABN 69 079 137 518

This website is provided by Retail Employees Superannuation Pty Limited ABN 39 001 987 739, AFSL 24 0003, trustee of Retail Employees Superannuation Trust ABN 62 653 671 394, of which Rest Super, Rest Corporate, Rest Select, Rest Pension and Acumen are part. It contains general advice that has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant Product Disclosure Statement (PDS), which is available on this website.

Rest Advice is provided by Rest advisers as authorised representatives of Adviser Network Pty Limited AFS Licence 232729 ABN 25 056 310 699

Awards and ratings are only one factor to consider when deciding how to invest your super. Further information regarding these awards can be found at Rest.com.au/about-Rest/awards. Past performance is not an indicator of future performance. SuperRatings Pty Limited does not issue, sell, guarantee or underwrite this product. Go to www.superratings.com.au for details of its ratings criteria. For further information about the methodology used by Chant West, see www.chantwest.com.au