Superannuation
What is a co-contribution?
To help boost retirement savings, the Commonwealth Government is encouraging you to make personal (after-tax) contributions to superannuation. If your assessable income plus reportable fringe benefits is less than $61,920 for the 2009/2010 financial year, the Commonwealth Government will make additional contributions to your account on your behalf, up to certain limits. For every dollar of after-tax personal contributions you make to your superannuation account up to $1,000, the Commonwealth Government will match it with up to $1.00.
The maximum co-contribution applies to people who earn under $31,920 and contribute $1,000. A pro-rated amount applies to income above this level.
Assessable income |
Personal contribution required |
Maximum available |
$31,920 or less |
$1,000 |
$1,000 |
$32,000 |
$997 |
$997 |
$33,000 |
$964 |
$964 |
$34,000 |
$931 |
$931 |
$35,000 |
$897 |
$897 |
$36,000 |
$864 |
$864 |
$37,000 |
$831 |
$831 |
$38,000 |
$797 |
$797 |
$39,000 |
$764 |
$764 |
$40,000 |
$731 |
$731 |
$41,000 |
$697 |
$697 |
$42,000 |
$664 |
$664 |
$43,000 |
$631 |
$631 |
$44,000 |
$597 |
$597 |
$45,000 |
$564 |
$564 |
$46,000 |
$531 |
$531 |
$47,000 |
$497 |
$497 |
$48,000 |
$464 |
$464 |
$49,000 |
$431 |
$431 |
$50,000 |
$397 |
$397 |
$51,000 |
$364 |
$364 |
$52,000 |
$331 |
$331 |
$53,000 |
$297 |
$297 |
$54,000 |
$264 |
$264 |
$55,000 |
$231 |
$231 |
$56,000 |
$197 |
$197 |
$57,000 |
$164 |
$164 |
$58,000 |
$131 |
$131 |
$59,000 |
$97 |
$97 |
$60,000 |
$64 |
$64 |
$61,000 |
$31 |
$31 |
$61,920 |
$0 |
$0 |
To be eligible for the co-contribution, personal contributions must be made from after-tax salary, ie. salary sacrifice contributions or contributions for which a tax deduction has been claimed, are ineligible for the co-contribution.
You can find more information about the super co-contribution at First State Super’s website.