To be eligible for the co-contribution from the Government you need to:
- Make at least one personal non-concessional superannuation contributions during the income year
- Have received at least 10% of your total income from carrying on a business, eligible employment or a combination of both
- Have assessable income, reportable employer super contributions and reportable fringe benefits for the income year of less than $61,9202
- Lodge an income tax return for the income year
- Be less than 71 years old at the end of the income year
- Not hold an eligible temporary resident visa at any time during the income year.
You will receive the full $1,000 of co-contribution if you have made a personal non-concessional contribution and your assessable income, reportable employer contributions and reportable fringe benefits is $31,920 or less. This amount will decrease by 3.333 cents for every dollar of income over $31,920 up to $61,920, at which point the co-contribution phases out completely.
When your income is more than $31,920 but less than $61,920 in a year of income, the co-contribution will be adjusted based on income and the level of contribution.
Changes in the co-contribution rates
As part of the 2009 Federal Budget the Government announced that it would temporarily reduce the super co-contribution until 2014/2015. The maximum co-contribution will be:
- 100% or $1,000 for 2009/10, 2010/11 and 2011/12 financial years
- 125% or $1,250 for 2012/13 and 2013/14 financial years
- 150% or $1,500 from the 2014/15 financial year