Government co-contributions to super can help people on middle or lower incomes to have more money when they retire.
By contributing between $20-$1,000 to your super from your take-home pay, the government could match your contribution, up to $500.
Key points:
- You could be eligible if you earn less than $60,400 before tax in the 2024-25 financial year
- If eligible, you could get up to $500 for your super as a co-contribution from the government
- You need to contribute to your super from your take-home pay
- The amount can be any amount between $20 and $1000
- You need to contribute before the end of the financial year, which is 30 June
- The Australian Taxation Office (ATO) will decide how much you're eligible to receive. They work this out when you lodge your tax return. Payment is made into your super account automatically.
How government co-contributions work
Adding to your super will help your super savings work harder and grow in the long-term.
The amount of government co-contribution you receive will depend on:
- how much you earn, and
- how much you decide to contribute to your super, from your take-home pay.
You may be eligible for a government co-contribution if you:
- earn less than $60,400 before tax in the 2024-25 financial year. This includes all assessable income. The ATO has helpful information to work this out
- earn 10% or more of that income from employment or self-employment
- have a total superannuation balance of less than $1.7 million at the start of the financial year.
- have not exceeded the after-tax contributions cap
- are a permanent resident of Australia for the full financial year
- lodge a tax return for the financial year
- are less than 71 years of age at the end of the financial year, which is 30 June.
What you need to do
You don’t need to apply or fill out any forms.
Lodge your tax return after the end of the financial year. The ATO will determine if you are eligible. You'll need to make sure your tax file number is linked to your Aware Super account. The ATO will then automatically pay a co-contribution into your account.
Check if your tax file number is linked by logging in to your account
If you have more than one super account, you must tell the ATO your chosen fund for co-contributions. You can do this through myGov. Link your myGov account to the ATO and follow the prompts to nominate your preferred fund.
Things to consider
- How much you can you afford to pay in personal contributions
- Whether your fund accept co-contributions
- The after-tax (non-concessional) contributions cap is $120,000 across all your super funds
- There is a $30,000 annual before-tax (concessional) contribution cap.
Find out how your super is tracking with our super retirement calculator.
Where next
Spouse contributions
Make contributions on behalf of your spouse and you may receive a tax offset.
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