In this guide
When it comes to simple ways to boost your retirement savings, they don’t come much easier than taking advantage of the government’s co-contribution scheme.
If you’re eligible, all you need to do is tip a few extra dollars into your super fund and wait for the government’s extra contribution to hit your super account.
To help you understand the co-contribution scheme better, here’s a simple explainer.
What is a super co-contribution?
The super co-contribution scheme is designed to help low- and middle-income earners boost their retirement savings by providing an additional payment from the government (up to $500) for personal (after-tax) super contributions you make yourself.
The actual amount you receive depends on your income and the size of your personal super contribution.
You can check out the ATO’s Super co-contribution calculator to estimate how much co-contribution you are entitled to receive and whether you are eligible.
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