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) 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.
Important information 2008-09 super co-contribution payments
A super co-contribution payment is an additional amount paid by the Government to an individual’s super fund if they make a personal super contribution to the fund by June 30 each year. The individual must meet the eligibility criteria and lodge an income tax return.
Around 200,000 out of a total of 1.3 million of super co-contribution payments have not been made by the Tax Office to us before the end of the 2008-09 financial year, due to problems with their systems.
The Tax Office will pay interest on the payments that have been delayed at the rate specified by the Reserve Bank of Australia, which is currently at 3.16%.
If you are an eligible recipient, you do not have to do anything.
The Tax Office is working closely with us on this matter and will clear the backlog of payments, apply interest automatically and make payments to us.
Interest will continue to be paid until you receive payments or it is paid into the relevant super fund.
If you are suffering hardship as a result of these delayed payments you should contact the Tax Office on 1300 139 027 to discuss your circumstances. The Tax Office can only make payments where you meet the requirements for a direct claim (when you have retired and no longer have a superannuation account eligible to receive the co-contribution).
For more information, refer to Super co-contributions at www.ato.gov.au.
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.