Use the federal government co-contribution scheme to grow your super balance.
How the government co-contribution scheme works
If you earn less than $37,697 for the 2018/2019 financial year, the Federal Government will match 50 cents for each after-tax dollar you contribute to your super account – up to $500.
If your income is below $52,697 you may still qualify for a reduced government co-contribution.
The ATO will calculate your government co-contribution after you file an income tax return and deposit your co-contribution directly into your superannuation account.
How do I qualify?
To qualify you must:
- Have a total income of less than $52,697pa
- Make an after-tax contribution (non-concessional) to your super. Details below
- Earn at least 10% of your total income from eligible employment or running a business
- Be a permanent resident or citizen of Australia
- File an income tax return
- Be 70 or younger at the end of the financial year
- Have a total superannuation balance of less than $1.6 million at the end of the financial year
- Not have exceeded the after-tax contribution cap.