Contributing more into super is a great way to boost your savings for retirement. A smart way to accelerate this is to check if you’re eligible for the Government co-contribution.
Government co-contributions are essentially a reward scheme for low and middle-income earners who are making personal contributions to their superannuation. If you are eligible, this contribution can help you boost your super balance.
You are eligible for this contribution if:
If you’re eligible, you can receive a contribution of up to $500 from the Government. The exact amount will depend on your income and how much you contribute to your super.
The table below shows how much you need to contribute to receive your maximum Government co-contribution entitlement.
|Your annual income||Your contribution||Maximum Government co-contribution entitlement|
|$42,016 or less||$1,000||$500|
Figures are for the 2022/23 financial year.
Your eligibility will be determined when you lodge your tax return, so you don’t have to apply separately. If you’re eligible and you’ve provided your tax file number to your super fund, the amount will be automatically transferred into your super.
To find out more about Government co-contributions and other strategies you can use to grow your super, contact us on 1300 369 901 (select option 2).
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