How do I find my super co-contribution?

Eligibility for the super co-contribution

1. have made one or more eligible personal super contributions to your super account during the financial year.
2. pass the two income tests (income threshold and 10% eligible income tests)
3. be less than 71 years old at the end of the financial year.

How much is the super co-contribution?

Super co-contributions help eligible people boost their retirement savings. If you’re a low or middle-income earner and make personal (after-tax) contributions to your super fund, the government may also make a contribution (called a co-contribution) up to a maximum amount of $500.

How much will the government contribute to my super?

How the super co-contribution works in 2021/22. If you earn less than $56,112 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 income.

How do you find government contributions to CO?

You should be eligible for a Government Co-contribution as long as:

1. your total income for the 2021/22 financial year is less than $56,112.
2. you make an after-tax super contribution and haven’t claimed a deduction for it.
3. you haven’t contributed more than the non-concessional contributions cap of $110,000)

Is Super CO-contribution still available?

If your total income is equal to or less than $39,837 in the 2020/21 financial year or $41,112 in the 2021/22 financial year and you make after-tax contributions of $1,000 to your super fund, you’ll receive the maximum co-contribution of $500.

What is the maximum you can pay into super?

$27,500 per year
From 2017, no matter your age, you can contribute up to $27,500 per year into your superannuation at the concessional rate including: employer contributions (including contributions made under a salary sacrifice arrangement) personal contributions claimed as a tax deduction.

What is low income super contribution?

The low income super tax offset (LISTO) is a government superannuation payment of up to $500 to help low-income earners save for retirement. The LISTO is 15% of the concessional (before tax) super contributions you or your employer pays into your super fund.

At what age can you no longer contribute to super?

age 75
Once you reach age 75, you are no longer permitted to make salary-sacrifice, non-concessional or personal tax-deductible super contributions – regardless of whether or not you meet the work test requirements. For more information, read SuperGuide article Work test: Making super contributions after you turn 67.

When does the government match your super contribution?

If you are eligible and make personal super contributions during a financial year, the government will match your contribution with a super co-contribution up to certain limits. The lower income threshold is indexed in line with AWOTE each income year. The new indexed amount is generally available each February.

Why do I have to pay a super co-contribution?

Super co-contributions The super co-contribution is designed to assist eligible individuals to save for their retirement. If you are eligible and make personal super contributions during a financial year, the government will pay a super co-contribution up to certain limits.

What was the income threshold for Super contributions in 2012?

The following changes were also made for all contributions made from 1 July 2012: the higher income threshold was set at $15,000 above the lower income threshold. having a total superannuation balance of less than $1.6 million on 30 June of the year before the year the contributions are being made

What is the maximum amount the government can contribute to your super fund?

Super co-contribution The super co-contribution helps eligible people boost their retirement savings. If you are a low or middle-income earner and make personal (after-tax) super contributions to your super fund, the government also makes a contribution (called a co-contribution) up to a maximum amount of $500.