Want more money for your super?
You could get a super boost from the Government of up to $500 if you earn less than $56,112 p.a. and also make a personal contribution into your super account.
How do government co-contributions work?
- You make a contribution to your super from your after-tax income.
- At the end of the financial year, the government reviews how much you’ve earned. If you’ve earned less than $56,112 you could qualify for the co-contribution.1
- If you do qualify, the co-contribution is paid directly into your LUCRF Super account. You will receive a co-contribution notification letter from the Australian Taxation Office (ATO). The amount will also appear on your following LUCRF Super member statement.
How do you make a contribution?
Set up regular or one-off payments into your super from your bank account using BPAY. Your BPAY details are available in Members Online.
How much will you get?
If you’re a low-income earner, the government will add up to 50 cents for every dollar (after-tax) you contribute, up to a maximum of $500.
The co-contribution is reduced as your income increases. It cuts out completely once you earn over $56,112 p.a.1
The table below provides examples of how much the government will co-contribute in line with how much you earn.
|YOUR TOTAL INCOME1||MAXIMUM CO-CONTRIBUTION AVAILABLE||YOUR AFTER-TAX CONTRIBUTION|
|$41,112 or less||$500||$1,000|
|$56,112 or more||$0||any amount|
For the 2021/22 financial year, you're eligible for the government co-contribution if:
- your total income is under $56,112 and you make at least one after-tax contribution to your super account during the year 1
- 10% or more of your total annual income is from eligible employment, running a business or a combination of both
- you’re an Australian citizen, a permanent Australian resident or a New Zealand citizen working in Australia
- you lodge an income tax return (if you’re over 67 you must satisfy the work test) and you’ve given us your TFN, and
- you’re under 71 years of age at the end of the financial year.
If you earn less than $37,000 per year you might also be eligible for the Government's Low-Income Superannuation Tax Offset (LISTO) where you could receive up to $500 back into your super.
Do you have questions about the co-contribution scheme?
Call us and we'll be able to help.Get in touch
1 including assessable income, fringe benefits and reportable super contributions