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About Super Co-Contribution
27th May 2011
ABOUT SUPER CO-CONTRIBUTION
The superannuation (super) co-contribution is a government initiative which aims to assist low or middle-income earner boost their super savings for the future.
Eligible individuals can take advantage of the super co-contribution payment by making personal super contributions to your super fund or retirement savings account (RSA). The government will then match up to $1,000 of your personal super contributions.
If you're eligible, all you need to do is make personal super contributions to your super fund or retirement savings account and lodge an income tax return. The Government works out what you are eligible for based on the income year in which you made your eligible personal super contributions, how much you contributed, and whether your total income falls between the super co-contribution income thresholds for that year.
To qualify for the maximum co-contribution amount of $1,000, assessable income plus reportable fringe benefits must be $31,920 per year or less.
More details can be found on the ATO website.
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