Time running out for super co-contributions

Low-income earners wanting to benefit from the federal government’s Super Co-contribution Scheme this financial year have until June 30 to make an after-tax contribution to their super fund. Employees earning less than $28,000 per year are eligible for the maximum $1,500 co-contribution available under the scheme.

The superannuation co-contributions phase out to zero at a salary of $58,000. To receive the co-contribution, people have to make their own contribution of $200 or more before the end of June. You do not have to apply for the co-contribution as the super fund will advise the ATO and the contributions will automatically transferred to your super account.

To find out how much your own contribution will earn in government co-contributions, go to ATO Super Co-Contribution tables