The Super Co-contribution is a way for the Commonwealth government to help you save for your retirement. Here’s how it works:
- You make a personal after-tax contribution (known as a non-concessional contribution) to your super
- If you’re eligible for the Super Co-contribution, the Commonwealth government could make an extra super payment up to 50% of the value of your contribution - this is known as a co-contribution
The matching rate changes according to government policy. For the 2018/19 financial year, the matching rate is 50% up to a maximum co-contribution of $500.
Calculate how much you could get
The amount you could get depends on your income - 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 ($37,697) and higher ($52,697) thresholds, your maximum co-contribution goes down by 3.333 cents for every dollar that your total income is over $37,697 If your total income is equal to or greater than the higher income threshold ($52,697), you are not eligible for a Super Co-contribution.
Year of scheme
|Lower income threshold 1||$36,813||$37,697|
|Higher income threshold 2||$51,813||$52,697|
To work out how much you could be entitled to, try our Super Co-contribution calculator.
Find out if you’re eligible
You're eligible for a co-contribution payment if you:
- Have made one or more personal after-tax contributions to your complying super fund (such as GESB Super or West State Super) in the financial year
- Have a total income of less than the higher income threshold for that financial year
- Lodge an income tax return with the Australian Taxation Office (ATO) for that financial year
- Have a total superannuation balance less than $1.6 million for the 2018/19 financial year
- Have not contributed more than your non-concessional contributions cap
- Are less than 71 years of age at the end of that financial year
- Receive at least 10% of your total income from eligible employment-related activities, or from carrying on a business, or a combination of both
- Do not hold an ‘eligible temporary resident visa’ at any time during that financial year, unless you are a New Zealand citizen or hold a prescribed visa
You don’t need to apply
We report contribution details to the Australian Taxation Office (ATO) by 31 October each year. The ATO uses this information, together with your tax return, to determine whether you’re eligible, and the Super Co-contribution amount.
If you’re eligible, the Super Co-contribution will be paid straight into your super account. You don’t need to apply for it.
You’ll receive a letter from the ATO with details about your Super Co-contribution amount after it has been deposited into your super account.
Important things to know
The Super Co-contribution is:
- Not subject to tax when it’s paid into your super account
- Not included as income in your tax return
- Preserved in your super account and can only be accessed when the rest of your super can be accessed - that is, when a condition of release has been met, e.g. you reach your Commonwealth preservation age and decide to retire.
Any investment earnings on your Super Co-contribution will be taxed in the same way as any other earnings in your super account.
How to make a personal contribution
There are several ways you can make an after-tax contribution. You can:
- Complete the Payroll deduction form and submit it to your employer (choose the after-tax option on the form)
- Make a payment of $20 or more using BPAY®3 - all you need is your BPAY reference number and our biller code 182493 (these details are available in Member Online)
- Pay by cheque or money order - simply complete a Super contributions form and send it to us with your payment
1 The lower income threshold is indexed annually.
2 The higher income threshold is set at $15,000 above the lower income threshold.
3 ® Registered to BPAY Pty Ltd ABN 69 079 137 518
Thank you for printing this page. Remember to come back to gesb.wa.gov.au for the latest information as our content is updated regularly. This information is correct as at 12 December 2018.