Money Doesn’t Come Without Guidance ...
Super co-contribution is to help those people on lower or middle incomes to boost their retirement savings. The Australian Government has established the Superannuation Co-Contribution scheme for these people. Depending on how much you earn each year, the government can chip in to help increase your super every time you make a voluntary after-tax contribution of your own. If you earn less than $51,021 per year, the government can contribute up to $500 to your super account. Depending on your income, the government will pay up to 50 cents for every $1 you contribute yourself from your after-tax (non-concessional) income.
Who exactly is eligible for the Super Co-Contributions?
You need to pass certain basic criteria before you are qualified for a government co-contribution. In 2016-17 you are eligible: