Often referred to as the 'Government co-contribution', or simply 'co-contributions', this is an additional contribution paid by the Australian Government to you as a reward for making an after tax personal contribution to your super.
This benefit is for lower-income earners and does not apply to those on higher incomes. For current income thresholds and the rate the government contributes on your behalf, check out the ATO website.
To receive the co-contribution, you must:
- make an eligible personal contribution during the financial year
- have a total income of less than the higher income co-contribution threshold for the year
- receive 10% or more of your total income from eligible employment-related activities or carrying on a business, or a combination of both
- be under 71 years old at the end of the financial year
- not have held a temporary visa at any time during the financial year*, and
- have lodged your tax return for the relevant financial year
Applying for the co-contribution
You don't need to apply for the co-contribution. If you meet all of the eligibility criteria and have provided your TFN to ESSSuper, the co-contribution will be automatically deposited in your super account.
You will not receive the Government co-contribution if you are claiming your superannuation payments as a tax deduction.