Super Co-Contributions

Give your super a helping hand, and watch your account grow with an even bigger contribution from the Government. Start topping up now and you could be seeing your super grow.

The Super Co-Contribution helps low-income earners grow their super money and add far more cushion to their retirement savings.

If you are eligible for the Super Co-Contribution, you can have your personal after-tax contributions matched by the Government, adding up to $1,500 per year to your super money account (as long as you meet the eligibility criteria).

 

do you fit the bill?

If you're earning less than $58,980 per year¹ and top up your Health Super account with after-tax money, the Government may also top up your super too. 

Follow this simple checklist to find out if you are eligible.

• is your total income less than $58,980¹ a year (before-tax)?
• have you made (or do you intend to make) personal after-tax contributions to your Health Super account²?
• will you lodge a personal tax return for the financial year in which you made your contribution?
• are you self-employed or employed on a full-time, part-time or casual basis
• will you be under 71 years of age, at the end of the 2007/08 financial year?
• have you provided your Tax File Number (TFN) to Health Super³

NB: If you are self employed³ you are now eligible for Co-contributions.

If you’ve answered ‘YES’ to every question it’s likely that you’re eligible¹!

1. total income is calculated by adding your assessable income (before deductions are allowed) and any reportable fringe benefits. Your Co-Contribution entitlement is calculated from the sliding scale table below.

2. Personal contributions may be subject to age-based and work-test limits. See the Product Disclosure Statement for a summary or contact us on 1800 331 719.

3. From 1 July 2007 Health Super is unable to accept any member contributions unless you have provided your TFN. Please contact us to request a form if we do not have your TFN.

 

what can I get?

If your total income is $28,980⁴ or less a year, the Government will put in $1.50 for every $1.00 you put into your Health Super account up to a maximum of $1,500 a year. 

If you're earning more than $28,980⁴ but less than $58,980⁴ the amount of your Co-Contribution is simply reduced by 5c for every dollar of income over $28,980⁴.

Use this simple guide to see how much you can get

 

	if you pay this in
2007-08	$1,000	$800	$500	$200
and your total  income is	Co-Contribution the Government pays this in
$28,980 or less	$1,500	$1,200	$750	$300
$30,980	$1,400	$1,200	$750	$300
$32,980	$1,300	$1,200	$750	$300
$34,980	$1,200	$1,200	$750	$300
$36,980	$1,100	$1,100	$750	$300
$38,980	$1,000	$1,000	$750	$300
$40,980	$900	$900	$750	$300
$42,980	$800	$800	$750	$300
$44,980	$700	$700	$700	$300
$46,980	$600	$600	$600	$300
$48,980	$500	$500	$500	$300
$50,980	$400	$400	$400	$300
$52,980	$300	$300	$300	$300
$54,980	$200	$200	$200	$200
$56,980	$100	$100	$100	$100
$58,980	$0	$0	$0	$0

^{4. These thresholds apply in the 2007/08 year and are subject to indexation from the 2008/09 year.}

If you are confused about the amount of your Co-Contribution, please contact the ATO directly on 13 10 20. 

Or, try out their Co-Contribution calculator to see how much they will Co-Contribute.

 

 

what’s next… I want to start growing my super faster!

1. If you are eligible, choose the payment method that suits you, and the amount you would like to contribute to your Health Super account. (Health Super will report this to the ATO on your behalf).
2. Complete the personal co-contribution form if you would like to contribute with a lump sum payment. Return the completed form with your cheque to:

Health Super Pty Ltd 
Locked Bag 2900 
Collins Street West VIC 8007

 

don’t forget: 
When it's time to do your tax return, you will need to record the personal contribution you have made to your super.

The ATO won’t be able to pay the Co-Contribution into your account until 6 months after you have lodged your tax return.

Don’t stress if the Co-Contribution doesn’t immediately appear on your Health Super annual statement, as it can take a little while for these to be processed. You will receive a letter from the ATO after the amount has been deposited into your account.

 

still have a question about Co-Contributions?

Click here for more frequently asked questions from our members.