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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