Federal Government Give Away

Clear Vision • June 26, 2018

The federal government is giving away money to anyone who makes a non-concessional (after-tax) contribution to their super fund, and who earns less than $51,813 a year for the 2017/2018 year.

The tax-free giveaway is officially called the co-contribution scheme. You receive a tax-free super contribution from the federal government when you make a non-concessional (after-tax) contribution to your super account, subject to you satisfying a work test, an income test and an age test. If you earn less than $51,813 per year, the government can contribute up to $500 to your super account in a year. Depending on your income, the government will pay in up to 50 cents for every one dollar you contribute yourself from your after-tax (non-concessional) income.

Who is eligible?

You need to pass certain basic criteria before you are eligible for a government co-contribution. In 2017/18 you must:

  • Be an Australian citizen, a permanent Australian resident or a New Zealand citizen working in Australia
  • Be less than 71 years of age
  • Have made at least one voluntary, after-tax contribution to your super fund
  • Earn less than $51,813 in that financial year
  • Be in full or part-time employment and/or run your own business
  • Include all the details of your after-tax contributions on your Tax Return
  • Have a super balance of less than $1.6 million on 30 June of the previous financial year
  • Not have exceeded the concessional contributions cap in the current financial year

How to apply

Simply advise your accountant before completing your annual tax return and, as long as you meet all the criteria, the Australian Taxation Office will work out the level of government co-contribution and automatically pay this amount into your super.

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At Clear Vision Accountancy Group, we offer tailored services to support your long-term success—from strategic business planning to high-end tax administration. Whether you're aiming for growth, improved profitability, or a clearer direction, we're here to help you build a plan that gets results. If you're ready to map out the next five years with clarity and confidence, contact us today on (07) 4688 2500. Our 1-Page Business Plan will help you with: 1. Vision & Purpose Where are you headed, and why does it matter? What is the core purpose of your business? In five years, what positive impact will you have made on your customers, team, or community? What do you want your business to be recognised for within your industry? 2. Growth & Scale What does success look like, and how will you achieve it? What revenue, profit, or market position are you targeting? How many clients or customers do you want to serve—and in which markets? Are you planning to expand your offerings or enter new territories? 3. Team & Culture Who is helping you build it—and how? What does your ideal team look like in terms of structure, culture, and capabilities? How will you attract, retain, and develop top talent? What kind of leadership values and workplace environment will you foster? 4. Operations & Systems How will you deliver at scale—efficiently and reliably? What systems and workflows need to be in place to support sustainable growth? Which technologies or platforms will you implement to improve efficiency? How automated or streamlined do you want your business operations to become? 5. Brand & Customer Experience What do customers say about you—and why do they keep coming back? How will clients describe their experience with your business? What kind of reputation or brand presence will you be known for? What sets your business apart from the competition ?  Our Dream it. Plan it. Get it! will help you with: 1. Lifestyle & Personal Goals How does your business support the life you want to live? What level of involvement do you want in the day-to-day operations? What does ideal work-life balance look like for you? What personal or financial goals will your business help you achieve?