Could your super savings get up to a $500 boost from the government? Find out if you're eligible for a co-contribution. That's where if you put some money in, the government could too.
Make a contribution to your HESTA account before 25 June 2021 and you may get the government super co-contribution too (if you’re eligible).
Topping up your super is just like paying a bill, except you're paying yourself.
Make a BPAY® payment from your bank account to your super account. You can find your personal BPAY details in your online account.
The superannuation co-contribution scheme is a government initiative to help low to middle-income earners boost their super savings.
Low or middle-income earners (including those who work part time) may be eligible for a super contribution from the government (called a co-contribution), up to $500 per financial year, if you make an after-tax contribution to your super account.
You could receive a co-contribution into your super from the government if you:
Find out more about eligibility on the ATO website or use the calculator below.
how to claim the government super co-contribution
When you lodge your tax return, the Australian Taxation Office (ATO) will check how much you're eligible to receive and automatically make the payment into your super account.
What you need to do
You don’t need to apply for the government super co-contribution. All you need to do is lodge your tax return. If HESTA is your only super fund, the payment will be made into your super account automatically after your tax return has been processed.
If you have more than one super fund, you’ll need to nominate which super fund you’d like your super co-contribution to be paid into through the ATO. You can nominate a super fund through the ATO website or through your MyGov account.
This table shows examples of how much the government may pay into your super.
The co-contribution amount will depend on your income and the amount of your after-tax contribution.
If your total income is less than the lower threshold of $39,837 you will be eligible for the maximum co-contribution. As your total income approaches the upper threshold of $54,837 the maximum you may receive reduces.
|Total income for the financial year*||Your after-tax contribution||Maximum government co-contribution into your super account|
|Up to $39,837||$1,000||$500|
*Applies to 2020-2021
You can also estimate your super co-contribution with the ATO’s Super co-contribution calculator.
®Registered to BPAY Pty Ltd ABN 69 079 137 518. Government co-contribution eligibility criteria applies.