What is Government Co-contribution?

Sometimes, the government can make additional contributions to your super. This super co-contribution is used to help eligible people boost their retirement savings.

For those that are low or middle-income earners and make personal (after-tax) super contributions to your super fund, the government also contributes into your fund, called a ‘co-contribution’, up to $500.

To be eligible for a government super co-contribution, you  must meet the following criteria:

For these super co-contributions, you don't need to apply. When you lodge your tax return, the government will work out your eligibility. If your super fund has a tax file number (TFN), the government will pay it into your super automatically.

If you have retired and do not have an eligible super account to accept government co-contributions anymore, you can request it a direct payment. Additionally, if you have more than one super fund, you can nominate the fund of choice you would like your co-contribution to be in.

For more information on Government co-contributions, contact Wagtail Wealth today.

IMPORTANT NOTE: This information is general advice only and does not take into account your personal circumstances, goals and objectives. Therefore, you should consider its appropriateness for your circumstances before acting on this information.

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