If you’re a low or middle-income earner and make personal (after-tax) contributions to your super fund, the government also makes a contribution (called government super co-contribution) up to a maximum amount of $500.
From the 2017–18 financial year, to be eligible for a co-contribution:
- you must have a Total Superannuation Balance less than the general transfer balance cap for that year
- the contribution you made to your super fund must not exceed your non-concessional contributions cap for that year.
To see if you are eligible for government co-contribution and see how much you will get you can use this Money Smart “Super co-contribution” calculator.
Please feel free to contact us if you would like to discuss your options with one of our financial planners.