Claiming the Government co-contribution
If your yearly before-tax income is less than $56,112, you could be eligible for a Government co-contribution if you make after-tax contributions to your super.^
Under the scheme, the Government matches 50 cents for every dollar you contribute to your super from your after-tax pay, up to a maximum of $500 pa. This co-contribution gets paid directly into your super account after you’ve lodged your tax return for that year, as long as your super fund has your tax file number.
Government co-contribution rates
|Total income*||Your contribution||Co-contribution|
|$41,112 or less||$1,000||$500|
|$56,112 or more||Any amount
* Assessable income, plus reportable employer super contributions, plus reportable fringe benefits for the 2021/22 financial year.
^ If you claim a tax deduction for after-tax contributions, your contributions will be classed as before-tax (concessional) contributions and no longer eligible for the Government co-contribution.
Get your contribution in before 23 June to be eligible to claim this year
If you want to make a contribution before the end of this financial year, it will need to be submitted by 23 June. This will ensure your contribution is received and allocated to your account prior to the end of the financial year.
If you make a one-off contribution, using direct debit or BPAY, we’ll deduct the money from your bank account within 5 business days of receiving your request.
Re-contribute COVID-19 early release amounts into super
If you withdrew super under the COVID-19 early release of super program in 2020, you can now re-contribute some or all the amount back into your super account, as part of a new Government measure – Re-contribution of COVID-19 early release amounts into superannuation measure. Find out how.