Government Co-contribution 2019 – up to $500 could be yours!
June 3rd, 2019
Make an after-tax contribution into your super account before the end of financial year and, if you’re eligible, you’ll benefit from a super boost through the Government Co-contribution Scheme.
If you earn less than $52,697 (the upper limit for the 2018/19 financial year), you can receive up to 50c for every dollar contributed into their super after tax, up to a maximum of $500.
Depending on your eligibility and your total income, you may qualify for the full Government Co-contribution of $500 by contributing $1,000 after-tax money into your First Super account by no later than 30 June 2019.
What is the Government Co-Contribution?
It can be difficult to save for retirement. The Australian Government knows this, so rewards low income earners who pay extra into their super accounts by also making a contribution – this further builds their retirement savings.
The amount you’ll get depends on how much you earn and how much you contribute. If you earn less than $37,697 (the lower limit for the 2018/19 financial year), then the Government will match your contribution at a rate of 50%, up to a maximum of $500.
Don’t miss out! Make sure you make your contribution before 30 June 2019 and submit your tax return, and you’ll get your super boost for this financial year.
Find out more about eligibility criteria and how to make your extra contribution to your First Super account on our Government Co-contribution page.