How it works
Each year the government tops up thousands of super accounts through the co-contribution scheme.
If you earn less than $58,445 in the current financial year and make one or more post-tax contributions to your super, you may be entitled to receive a co-contribution of up to $500 from the government. Eligible members earning $43,445 or less per financial year will receive a maximum entitlement of $500 applied to your account. For those on incomes over $43,445 per financial year the benefit works on a sliding scale, phasing out at an income of $58,445.
Am I eligible?
You can get an estimate of your potential eligibility for the government co-contribution by using our calculator.
You may be eligible for a co-contribution provided you:
- make personal contributions to your super from your post-tax income
- earn a total income of less than $58,445 in this financial year (total income is assessable income plus reportable fringe benefits and reportable employer superannuation contributions)
- lodge an income tax return for the financial year
- don’t hold an eligible temporary resident visa at any time during the financial year
- are less than 71 years old at the end of the financial year in which the contribution was made
- are employed full-time, part-time or casually
- earn at least 10% or more of your total income for the financial year from eligible employment
- haven't made non-concessional (after-tax) contributions that exceed the cap for that financial year
- don't have a total superannuation balance, at 30 June of the previous financial year, equal to or exceeding $1,900,000.
- don't claim a tax deduction for your contribution as it will then no longer eligible for a government co- contribution.
If you're starting your career break or only worked part of the year on reduced hours, you may be eligible for the government’s co-contribution. So if your salary has reduced, now's a great time to take advantage of topping up your super with a co-contribution.
It's easy to make a contribution
There are two ways to make a contribution:
Contribute via BPAY®GET YOUR BPAY NUMBER
Contribute via Direct Debit
To make one off contributions of between $10,000 and $330,000 you can do so with Direct Debit, simply log in to your SuperOnline account.
Complete a form
Need help with co-contributions?
At TelstraSuper we’re here to help you build a secure financial future. TelstraSuper Financial Planning has a team of phone based Advisers who can provide you with simple advice to help you work out how much you can get in co-contributions. There's no additional cost for our phone based advice as this is included in your TelstraSuper membership. If you’d like to discuss co-contributions or if you have any other financial advice queries contact us on 1300 033 166 or request an appointment with our online contact form.