The super co-contribution was introduced from 1 July 2003. It is an Australian Government initiative to help low to middle income earners save for their retirement. If you are eligible and make after tax personal super contributions to a complying super fund, the Government will match your personal super contribution with a co-contribution up to a maximum of $1500.
Eligibility
From 1 July 2008, you will be eligible for the co-contribution if:
you make a personal super contribution by 30 June each year into a complying super fund;
your total income is less than $60,342 (this is indexed annually to reflect changes in average wages);
10% or more of your total income is from eligible employment, running a business or a combination of both;
you are less than 71 years old at the end of the year of income;
you do not hold an eligible temporary resident visa at any time during the year you lodge your income tax return.
To ensure we can accept your personal contribution and co-contribution from the Australian Tax Office (ATO), please make sure that we hold a valid Tax File Number (TFN) on your member account.
Please note: you are not entitled to a co-contribution for any amount of personal contributions you choose to claim as a tax deduction.
To make a personal contribution, please complete the Member Voluntary Contribution Form and return to AMG Universal Super.
Temporary reduction of the super co-contribution
As announced in the 2009 Federal Budget, from 1 July 2009 the Government will temporarily reduce the:
- co-contributions matching rate
- maximum amount payable by the Government as a co-contribution on an individual’s eligible personal non-concessional super contribution.
Under this measure, the new matching rates will be:
- 100% for the 2009-10, 2010-11 and 2011-12 financial years, with a maximum co-contribution of $1,000
- 125% for the 2012-13 and 2013-14 financial years, with a maximum co-contribution of $1,250
- 150% from 2014-15 onwards, with a maximum co-contribution of $1,500.