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If you earn under $61,920, don't miss out on your opportunity to receive the Government's super co-contribution.
To help you save for retirement, the Government introduced an incentive program that rewards you for contributing to your super. If you earn less than $61,920 a year, the Government will match your after-tax super contributions dollar for dollar up to a maximum of $1,000 pa.
| Important note: In May 2010, the Government announced that the super co-contribution rate will be permanently set at 100% of contributions up to $1000 in any financial year. |
The following table sets out the exact amounts phased in over time:
Super co-contribution rates
| Year ending |
Government
co-contribution |
Maximum Government
co-contribution |
| 30 June 2009 |
150% |
$1,500 |
| 30 June 2010 |
100% |
$1,000 |
| 30 June 2011 |
100% |
$1,000 |
| 30 June 2012 |
100% |
$1,000 |
The best news is you don't even have to apply!
If you earn less than $61,920 a year in tax year 2009/2010 and make a personal contribution to super you may qualify for a super co-contribution from the Government.
To qualify:
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you must make personal after-tax contributions to super in the current year from your after tax income
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your income (‘assessable income’ plus ‘reportable fringe benefits’) for that year must not exceed $61,920
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your employment income must be at least 10% of your assessable income
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you must be age 70 or under
The maximum co-contribution is $1,000. This applies if your income is $31,920 or less for tax year 2009/2010. For higher incomes the amount of the co-contribution gets progressively less.
If eligible, and you have supplied your tax file number (TFN), then the ATO will work out how much you are entitled to and transfer it to your ESSSuper account.
 Check out our frequently asked questions about the Government's super co-contribution
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