Co Contribution Superannuation

Co contribution is a great way to boost your superannuation. If your income is less than $28,000 per year and you meet the simple eligibility criteria of being an employee [can be of your own Pty Ltd company] and depositing $1000 of undeducted contribution* the government will match you with $1500 - that's 150% return.

If you earn more than $28,000 and less than $58,000 you can still benefit from this program. For example if you earn $36,000 by depositing $735 of undeducted contribution the government will match you with $1100. It is worth doing the exercise you will likely be surprised.

*Note: This contribution to super can be your life insurance premium.

Co Contribution Calculator

The ATO have a co contribution calculator on their website. To use it simply add in your annual income and the amount of contribution ie $1000. While we would always recommend you contribute higher amounts if you are simply looking to maximise your co contribution if you earn more than $28,000 this is what you need to do. 

Go to the co contribution calculator page. Enter your annual income and start with $1000 as your superannuation contribution. Note the amount after you submit - this will be your maximum entitlement for co contribution. It is then a simple matter of lowering your super contribution amount in the calculator until your maximum entitlement figure drops.