Co-contribution
The super co-contribution is a scheme created by the Commonwealth Government to encourage people to save for their retirement. In effect, the government is giving superannuation away. Eligible, working individuals can receive up to $1,500 if they contribute $1,000 of their own savings into super resulting in a total contribution of $2,500. These contributions must be made with after tax dollars.
You are eligible if you:
Make personal after tax contributions to a complying superannuation fund or retirement savings account (RSA)
Earn an income of under $58,000 (assessable income plus reportable fringe benefits such as car parking, health insurance, child care)
Receive 10% or more income as an employee
Are not a temporary resident at any time during the financial year
Lodge an annual income tax return
Are not wholly or substantially self-employed