• Superannuation co-contributions

  • In addition to any compulsory Superannuation Guarantee (SG) or voluntary after-tax contributions made to your super, if you qualify, the Government will make an extra contribution to your account.

    This is known as a co-contribution and comprises $0.50 for every $1 of non-concessional (after-tax) contributions you make to your super account.

    • You can receive the maximum co-contribution of $500 if your total income is no more than $31,920.
    • Your total income is your total assessable income, plus reportable employer superannuation contributions and reportable fringe benefits.
    • If your income is between $31,920 and $46,920, you may still qualify for a reduced co-contribution.


    Use the table below as a guide to co-contribution rates for the 2012/13 financial-year.

    If you make a $1,000 after-tax contribution to your super during the financial year…

    ...and your income is: ...your co-contribution will be:
    $31,920 or less $500
    $36,920 $333
    $41,920 $166
    > $46,920 $0

  • Qualifying for a co-contribution

    • To be eligible for the government co-contribution, you must:

      • Make after-tax contributions to your super account
      • Earn 10% or more of your total income from eligible employment or carrying on a business or a mixture of both
      • Not hold an eligible temporary resident visa at any time during the year
      • Lodge an income tax return
      • Be less than 71 years old at the end of the financial year.

       

  • Making an after-tax super contribution

    • If you wish to make additional after-tax contributions in order to qualify for a government co-contribution, you can either:

      • Ask your employer to deduct the contributions from your after-tax salary and send them to us with their regular employer contributions
      • Make contributions by BPAY, direct debit or EFTPOS
      • Send us a cheque—don’t forget to include your details, so we can allocate the contribution to your account. 


      Refer to our page on How to contribution to superannuation for more details on contribution payment methods.

  • Receiving your co-contribution payment

    • You don’t need to apply for the co-contribution.

      The Australian Taxation Office will work out whether you are eligible and will calculate your co-contribution. Any co-contribution will be paid directly into your Australian Catholic Superannuation account in the financial year following your contribution.

  • Bookmark and Share