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Co-contribution

Helping you add to your super

If you’re on a lower income, you might be eligible to receive a $500 bonus into your super through the Commonwealth Government’s Co-Contribution Scheme.

All you need to do is make a voluntary after-tax contribution to your account, and for every dollar you pay in, you could get 50 cents from the Government (up to a maximum of $500).

 

How it works

If your total income for the 2021-22 financial year is less than $41,112 you’re probably eligible to receive the full co-contribution. The co-contribution payment is reduced on a sliding scale for every dollar of your total income over $41,112, and cuts out once your total income is more than $56,112.

Even if you’re self-employed, you could still receive the co-contribution.

For all the details, check out our Growing your super factsheet, call us on 1300 65 18 65, or have a chat to one of our specialist financial advisers.

How to make an after-tax contribution

To receive the co-contribution (assuming you are eligible), simply follow these steps:

  1. Login to Statewide Super Online or call us on 1300 65 18 65 to get your personal reference number and the relevant online payment details
  2. Make your contribution electronically via BPAY, ensuring you leave enough time so that we receive it before 30 June, and
  3. Lodge your tax return.

The Australian Tax Office will then calculate the co-contribution amount and pay it directly into your Statewide Super account.