How to get $500 from the Government
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.
What are Government co-contributions?
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.
Am I eligible?
You are eligible for this contribution if your:
- Income for the year is below $53,564.
- You have made one or more personal super contributions this financial year.
- You have lodged a tax return for the relevant financial year (i.e. the 2019/20 financial year).
- You were less than 71 years old at the end of the financial year.
- During the financial year you did not hold a temporary visa at any point.
How much can you receive?
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.
How will you receive the contribution?
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.
We’re here to help
To find out more about Government co-contributions and other strategies you can use to grow your super faster, call 1300 369 901 and select option 1.