To help you save for retirement, the Government has an incentive program that rewards you for making eligible personal contributions to your superannuation fund.
If your total income for the year does not exceed $38,564 in 2019-20 ($37,697 for 2018-19), the Government will match your eligible superannuation contributions by 50 cents per dollar up to a maximum of $500 pa.
The superannuation co-contribution phases down for eligible individuals with total income between the lower and higher income thresholds. The superannuation co-contribution is tapered by a rate of 3.333 cents for each dollar of total income for the year that exceeds the lower income threshold.
The superannuation co-contribution ceases once the upper threshold is reached. The upper threshold is $15,000 above the lower threshold making it $53,564 for the 2019-20 year ($52,697 for 2018-19).
You may be eligible for the Government superannuation co-contribution if:
NOTE: Your superannuation fund cannot accept after-tax contributions, or receive co-contributions on your behalf, if you have not provided your Tax File Number (TFN) to your fund.
See our graph below:
Your total income |
Your payment |
The benefit |
$38,564 or less |
$1,000 |
$500 |
$44,564 |
$1,000 |
$300 |
$50,564 |
$1,000 |
$100 |
$53,813 or more |
$1,000 |
$0 |
If you're looking for more information or advice about your superannuation - or any of your tax affairs - our H&R Block consultants may be able to assist. Contact us today.
This information sheet is intended as a guide for H&R Block clients. All actual detail and circumstances differ, please discuss your situation with an H&R Block Tax Consultant. Use one of our Taxsaver envelopes to keep all your receipts and documents for the year. Remember – if you are not sure if you can claim an expense, keep the receipt and we will ensure that we claim all allowable deductions and rebates for you whilst preparing your tax return. H&R Block is Australia’s largest network of tax accountants with over 470 offices. Every year we help thousands of Australians achieve a better taxation result. For your nearest office call 13 23 25.
September 2019
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