Changes to the Government's co-contribution payment scheme for 2013/14

29/07/2013

To encourage low to middle income earners to boost their super savings by contributing to their super, the Government's co-contribution scheme will make matching co-contribution payments up to a maximum amount for eligible members.

While the Government has reduced the maximum co-contribution payment from $1,000 to $500 from 1 July 2012, the scheme continues to provide a welcome boost to eligible members.

If you are eligible and your income is $33,516 or less in the 2013/14 financial year, you will receive 50 cents for every dollar contributed after tax up to the $500 maximum. If your income is more than $33,516 your co-contribution payment will reduce by 3.33 cents for every dollar you earn above the lower threshold, reducing to zero when your income reaches $48,516. For example, if you earn $40,000 a year and make an after-tax super contribution of $1,000, you may receive a $284 co-contribution payment.

Co-contribution income thresholds

Income year

Lower income threshold

Upper income threshold

2013/2014

$33,516

$48,516

2012/2013

$31,920

$46,920

2011/2012

$31,920

$61,920

You can use the Co-contribution calculator to see how much you may qualify for in co-contribution payments. You can also call the Member Helpline on 1800 635 796 for help to understand the co-contribution scheme and advice over the phone, at no cost, about how you may be able to take advantage of them.

 

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