If you're eligible, you could qualify for the Government co-contribution of up to the maximum of $500 for this financial year.
What is the Government co-contribution scheme?
The co-contribution scheme is designed to help lower and some middle-income earners boost their retirement savings.
2021/22 Financial year
How it works
For every dollar you add to your super from your take-home pay, the government gives you another 50 cents up to a maximum of $500. Co-contributions are paid on a reducing scale, cutting out at a total income of $56,112.
To qualify for the maximum $500, you must earn a total income of no more than $41,112 in 2021/22 and have made an after-tax contribution of $1,000 into your super account.
The co-contribution will automatically be deposited into your legalsuper account once your income tax return is processed by the Australian Taxation Office (ATO).
To receive the co-contribution, you must:
- have provided legalsuper with your Tax File Number (TFN);
- have made one or more eligible personal super contributions to your super account before the end of the financial year to allow legalsuper to process your payment and meet the 30 June cut-off date;
- earn a total income of less than $56,112;
- 10% or more of your total income must come from employment-related activities, carrying on a business, or a combination of both;
- lodge your income tax return for the financial year, completing the relevant section;
- be under 71 years of age at the end of the financial year;
- If you’re over the age of 67, you must meet the work test (have been gainfully employed for at least 40 hours in any 30 consecutive days in the financial year);
- not exceed the non-concessional (after-tax) contributions cap;
- have had a total super balance less of less than $1.7 million as at 30 June 2021; and
- not hold a temporary visa at any time during the financial year (unless you are a New Zealand citizen or it was a prescribed visa).
More information can be found on the ATO website.