The ‘Super Co-contribution’ scheme

The ‘Super Co-contribution’ scheme is a scheme from the Australian government to assist low paid workers to boost their personal superannuation.

The basic principle is that for every $1 that an eligible person puts into super, the Government will match that $1 with a $1 of their own, giving you $2 into your super fund account.

There is a maximum limit, which is now $1,00o (from 1st July 2009), and there are income thresholds to be taken into account.

A person on $31,920 or less is eligible for the full $1,000 co-contribution, but incomes above this but under $61,920 will get a tapered benefit, with no benefit being available for those over $61,920.

Source: www.ato.gov.au/content/42616

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