With all the talk of changes to superannuation in the news, it’s a timely reminder that super co-contributions from the government can help eligible people boost their retirement savings.
There are a range of eligibility criteria, but in a nutshell, if you’re a low or middle-income earner and make personal (after-tax) contributions to your own super fund, then the government also contributes (known as the co-contribution) up to a maximum amount of $500.
The amount of the government co-contribution that you will receive depends on your income and how much you are contributing. And the way the co-contribution is calculated also depends on the financial year that you made your personal super payments.
When you lodge your tax return, Nexis can help to see if you may be eligible. Final eligibility will be determined by the ATO at tax return time, and if your super fund has your tax file number, it will be paid into your super account automatically.