A super co-contribution is a payment made by the Australian Government to reward low or middle-income earners who save for their retirement.
If you're a low or middle-income earner and make personal (after-tax) contributions to your super fund, the government may also make a contribution (called a co-contribution) up to a maximum amount of $500.
The super co-contribution is based on your income and the personal contributions you make to your super in the relevant financial year. A personal contribution is a contribution to super from an after-tax income.
What contributions qualify for super co-contribution?
Personal (non-concessional) contributions to the following RBF schemes are eligible for super co-contribution:
- Contributory Scheme;
- State Fire Commission Superannuation Scheme; and
- Tasmanian Ambulance Services Superannuation Scheme.
The following super payments do NOT qualify:
- super payments made by your employer;
- salary sacrifice (pre-tax) contributions to any scheme;
- contributions for which a tax deduction has been claimed by a person who is self employed; and
- contributions made into your super by your spouse or another person.
Where can I get more information about the super co-contribution?
Conditions and limits are subject to legislative change and you should obtain up-to-date information about the Government super co-contribution from the Australian Taxation Office (ATO) by visiting their website https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/super-co-contribution/ or contact the ATO on 13 10 20. The ATO super co-contribution calculator will work out how much super co-contribution you may receive.
How do I make personal contributions to RBF?
As a defined benefits member, you can elect to make personal contributions. To do so, simply complete the 'Election to vary contributions' form appropriate to your scheme if you would like a regular payroll deduction. Once completed, return this form to your payroll department or RBF as instructed on the form.