Government Co-contribution
Did you know that you're likely to qualify for a super boost of up to $1,000 from the Government if you:
- Earn under $61,920 per year
- Make a personal (after-tax) contribution to your super.
That's right. You could be eligible for up to $1,000 from the Government.
The co-contribution scheme involves the Government making a contribution to your super, provided that you make a personal (after tax) contribution and meet the eligibility requirements. Even if you're self-employed, you could be eligible to receive a co-contribution from the Government. To find our more about your eligibility, see the information at the bottom of this page.
Calculate how much you're eligible for
STEP 1. Enter your total assessable income for the financial year into the calculator below.
STEP 2. Click on 'calculate' to find out the maximum amount that you could receive.
You can also alter your personal (after-tax) contribution to find out how much you might receive from the Government if you make a smaller contribution.
Eligibility
You're eligible for the Government Co-contribution if:
- you make a personal contribution to Cbus by 30 June. If you haven't already made one, see below to find out how.
- your total income (assessable income plus reportable fringe benefits and any salary sacrifice payments) is less than $61,920;
- 10% or more of your total income is from eligible employment, running a business or a combination of both;
- you do not hold an eligible temporary resident visa at any time during the year;
- you lodge an income tax return for the year of income; and
- you are less than 71 years old at the end of the year of income.
When will I get my Government Co-contribution?
You don't have to apply for the Government Co-contribution. Cbus will let the ATO know if you’ve made a personal contribution to your super. When you do your income tax for the financial year, the ATO will determine if you’re eligible and they’ll send you a letter with details of the amount their paying into your super account.
How do I make a personal contribution?
You can make personal contributions by:
- payroll deduction (check with your employer);
- direct debit from your bank, building society or credit union;
- cheque (made payable to Cbus);
- cash (you must pay over the counter at a Cbus Service Centre office); or
- BPAY®, using our internet facility, SuperSite
Self-employed?
If you're self-employed remember not to claim a tax deduction on the contribution amount that you need to make to qualify for the Government Co-Contribution. However, you can claim a tax deduction for other eligible contributions you've made.