Could you be getting an extra $1,500 each year?

Building your super with personal contributions has always been a great way to save for the future. With the Federal Government's co-contribution, it makes more sense than ever and could put up to an extra $1,500 a year into your account!

The co-contribution was introduced on 1 July 2003 to boost superannuation savings for low income earners. If your income* is less than $28,000 a year and you make personal contributions to your super, you could receive an extra $1,500 super contribution from the Government.

The co-contribution applies to people with incomes* up to $58,000, with the amount of co-contribution reducing as income increases.

*For the purposes of the co-contribution, income is defined as assessable income plus reportable fringe benefits.

What must you do to receive the co-contribution?

Certain conditions apply. If you meet all of the following criteria, you will most likely be eligible for the co-contribution. In the financial year, you must:

Government Adds to Co-Contribution


Treasurer Peter Costello has announced the Federal Government will pay a one-off additional co-contribution into the superannuation accounts of people who made eligible contributions in the 2005-06 income year.

Announced in the Federal Budget speech on 8 May 2007, the payment will double the co-contribution paid in respect of that year and contribute an additional $1.1 billion to the retirement savings of Australians.

If a person was eligible for a co-contribution of $1,500 in respect of the 2005-06 year, they will now receive an extra co-contribution of $1,500, making the total co-contribution payments in respect of that year $3,000.

In the majority of cases the additional co-contribution will be paid to superannuation funds before June 30, 2007.

The AustSafe Super website will be updated with more information as soon as it becomes available. In the mean time, if you have other queries or questions, contact the AustSafe Super Customer Service Centre on 1300 131 293.