Super co-contributions

The super co-contribution scheme was introduced from 1 July 2003. It is an Australian Government initiative to help low to middle income earners save for their retirement.

If you are eligible and make personal super contributions to a complying super fund or retirement savings account (RSA), the Government will match your personal super contribution with a co-contribution up to certain limits.

From 1 July 2007, the maximum co-contribution amount is $1,500, and the self-employed may be eligible.

Eligibility

From 1 July 2007, you will be eligible for the co-contribution if:

• you make a personal super contribution by 30 June each year into a complying super fund or retirement savings account
• your total income is less than $60,342 (this is indexed annually to reflect changes in average wages)
• 10% or more of your total income is from eligible employment, running a business or a combination of both
• you are less than 71 years old at the end of the year of income
• you do not hold an eligible temporary resident visa at any time during the year
  lodge your income tax return.