Money from the government for you to keep
If you’re a low-to middle income earner and make personal (after-tax) super contributions to your super, the government could pay up to $500 directly into your super each year.
Please note, eligibility criteria apply. To find out more continue reading below.
Make an extra contribution into your super now
The government will only make a contribution to your super if you have made a personal contribution during the financial year and meet the eligibility criteria below. Think of it as the government rewarding your commitment to a financially fit future.
If you are eligible the government will add up to an extra 50 cents to every after-tax dollar you contribute up to $1,000. That’s up to $500 extra into your super each year, which could add up to thousands by the time you retire.
Eligibility for government co-contributions
To make sure you qualify for the government co-contribution just make sure you meet these requirements:
- Make an after-tax superannuation contribution to a complying super fund (and the contribution is not otherwise deductible to you)
- You earn less than $54,837 (2020-2021)
- You’re a permanent Australian resident
- You’re less than 71 years of age
- Earn 10% or more of your income through eligible employment or running a business
- Lodge a tax return for the financial year
- Give Hostplus your TFN
- On 30 June of the previous financial year of the contribution you have a Total Superannuation Balance- of less than $1.6 million for that financial year
- Contribute less than the non-concessional contributions cap for the relevant financial year
Act now before you miss out. If you work part-time, these government co-contributions are perfect for you.
*Your total superannuation balance is the total value of your accumulation and retirement phase interests (including rollover amounts not yet included in those interests) across all of your superannuation accounts, reduced by the sum of any structured settlement contributions.
