Government Co-contribution

Grow your super with a little help

Designed to help people boost their super, the superannuation co-contribution scheme is a government initiative to help eligible individuals boost their super savings for the future.

If you are a low or middle-income earner, you can take advantage of the super co-contribution scheme by making personal super contributions to your super fund. The Federal Government then matches (up to a maximum of $500), depending on your income for that particular financial year.

To be eligible for the Government co-contribution, you must:

  • Have a total superannuation balance of less than $1.6 million;
  • Make non-concessional contributions to a complying superannuation fund;
  • Have assessable income plus reportable fringe benefits of less than $52,697 (for the 2018/19 year);
  • Have 10% or more of your total income from eligible employment, running a business or a combination of both. Business income includes gross income as a sole trader and partnership distributions but does not include trust distributions;
  • Have not held an eligible temporary resident visa in any time during the year;
  • Lodge an income tax return for the financial year of income; and
  • Be less than 71 years of age at the end of the financial year of income.

Note: Any personal contributions you choose to claim as a tax deduction will not qualify for co-contribution purposes and contributions must not exceed your non-concessional contributions cap for that year.

How do I claim the Co-contribution?

Members who qualify and make personal non-concessional contributions do not need to do anything. The Trustee is required to provide the ATO with information about contributions paid by members and their employers. Using this information and the information in your tax return, the ATO will work out if you are entitled to a co-contribution. Any co-contribution will be sent to VISSF.

Low income super tax offset

From 1 July 2017, the government introduced the Low Income Superannuation Tax Offset (LISTO) to help low income earners save for their retirement. If you earn an adjusted taxable income up to $37,000, you may receive a refund of the tax paid on your eligible concessional super contributions, up to a cap of $500. You don't need to apply for LISTO, as the ATO will pay it directly to your super account if they have your Tax File Number recorded.

We recommend you speak to a financial adviser if you are reviewing your contribution arrangements.

Further information about co-contributions can be found on the ATO website.

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