When can you get the government super co-contribution for low-income earners?

You can receive a maximum super co-contribution of $500 from the government, with the following conditions determining your eligibility:

•  Your annual income does not exceed the income threshold set by the government  
•  At least 10 per cent of your income is professional or business income
•  Your super fund balance was less than $1.6 million at the end of the previous financial year
•  Your after-tax super contributions, also called non-concessional super contributions, do not exceed the cap set by the government in the relevant financial year
•  You were not on a temporary resident visa during any part of the financial year 

If your annual income is more than $41,112 but less than $56,112, you may still be eligible for a government co-contribution equalling 50 per cent of your super contributions. However, the upper limit of this co-contribution decreases gradually as your income rises, as does the amount of super you have to contribute.  

Note that the income thresholds are updated every year, and you should check whether your income falls below the lower or higher threshold to know if you can receive a government super co-contribution. 

For instance, the lower income threshold is $42,016 in the financial year 2022-2023, while the higher income threshold is $57,016. The non-concessional contributions cap is also subject to revision from time to time. Consider using the Australian Taxation Office’s (ATO’s) super co-contribution calculator to figure out how much you might receive.

You don’t have to apply to receive the government super co-contribution you are eligible for, but you should file a tax return. The ATO will verify your income by checking the adjusted taxable income declared on your return and also confirm that you aren’t claiming a tax deduction for your super contributions.  

Further, they’ll check the amount of personal super contributions you’ve made with your super fund and calculate the co-contribution you are eligible to receive. The co-contribution is then paid into your super fund account unless you’ve retired and opted to receive it directly. 

You should typically receive the co-contribution for a given financial year between the following November and January if your super fund has your Tax File Number on record. If you don’t receive a co-contribution that you believe you should get, consider confirming your eligibility before contacting the ATO. 

Note that if your super fund cannot accept the co-contribution, either because of the fund’s rules or because they don’t have your TFN on file, the amount is returned to the ATO. You can claim the amount by submitting an application to receive super held by the ATO.