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Depending on your circumstances, the government can make additional contributions to your super for you. 

Super co-contributions can help boost your super savings if you’re a low or middle-income earner. To be eligible, you need to be making personal after-tax contributions to your super fund.

The government will match your contributions (called co-contributions) with 50 cents for each dollar you contribute, up to a maximum of $500 per annum.

The easy part is you don’t need to apply for a super co-contribution. The ATO will determine whether you’re eligible when you lodge your tax return, as long as your super fund has your tax file number (TFN) on file. If you’re eligible, the co-contribution will be paid to you super account automatically.

For more information on the eligibility requirements visit the ATO website.

Important information

This information was prepared by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life). A copy of the Product Disclosure Statement can be obtained by contacting Resolution Life. This general advice has been prepared without taking into account your particular financial needs, circumstances or objectives. You should consider the appropriateness of this information in light of your circumstances. This advice is based on our understanding of current law as at May 2022, and is based on its continuance unless stated otherwise. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. Resolution Life do not actively monitor breach of superannuation contribution caps. You should keep track of the contributions made to your account in respect of the caps applicable to you. You should obtain professional advice before acting on the information contained in this communication. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Resolution Life is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.

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