If you’re a low to middle-income earner and have made (or decide to make) an after-tax contribution to your super fund before 1 July 2023, which you don’t claim a tax deduction for, you might be eligible for a government co-contribution of up to $500 per year.
If your total income is equal to or less than $42,016 in the 2022/23 financial year and you make after-tax contributions of $1,000 to your super fund and satisfy the eligibility criteria, you’ll receive the maximum co-contribution of $500.
If your total income is between $42,016 and $57,016 in the 2022/23 financial year, your maximum entitlement will reduce progressively as your income rises.
If your total income is equal to or greater than the higher income threshold $57,016 in the 2022/23 financial year, you will not receive any co-contribution.
How it works:
The maximum co-contribution is available if you contribute $1,000 and earn $42,016 pa or less. You may receive a lower amount if you contribute less than $1,000 and/or earn between $42,016 and $57,016 pa.
Be aware that total income includes assessable income, reportable fringe benefits and reportable employer super contributions. Other conditions also apply – Check out our Super Facts & Figures or your financial adviser can run you through them.