How does a co-contribution work?
First, you need to make an after-tax personal contribution to your super before the end of the financial year.
Each year, we report members' contributions to the Australian Tax Office within 10 business days of the event or allocation to your account. The ATO uses this information, together with your tax return, to determine if you're eligible, and how much is payable to you.
If you’re eligible, the Commonwealth government will pay the co-contribution amount directly into your super account. The amount you could get as a co-contribution depends on your income, as the government sets a lower and higher income threshold. This means:
- If you’re eligible, and your total income is equal to or less than the lower income threshold, you’ll receive the maximum Super Co-contribution of 50 cents for every dollar of your after-tax contribution, to a maximum of $500
- If your total income is between the lower ($43,455) and higher ($58,445) thresholds, your maximum co-contribution goes down by 3.333 cents for every dollar that your total income is over $43,455. If your total income is equal to or greater than the higher income threshold ($58,445), you are not eligible for a Super Co-contribution
To work out how much you could be entitled to, try our super co-contribution calculator.
| Year of scheme | 2022/23 | 2023/24 |
|---|---|---|
Maximum co-contribution | $500 | $500 |
Member contribution | $1,000 | $1,000 |
Matching rate | 50% | 50% |
Lower income threshold1 | $42,016 | $43,455 |
Higher income threshold2 | $57,016 | $58,445 |
1 The lower income threshold is indexed annually.
2 The higher income threshold is set at $15,000 above the lower income threshold.
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