How to get a 50% return on your super before the end of the financial year...


Let the government top-up your super

Congratulations! If you’re a first year out graduate, you are especially well-placed to take advantage of the super co-contribution rules. That’s because you’ve most likely been working fulltime for only half of the current financial year, so you may benefit if you meet the eligibility criteria for co-contributions.

Act now

However, if you want to make a 50% return on your money, you’d better do it now!

For eligible Australians, making an after-tax contribution to super (up to $1,000) means the Government co-contributes 50 cents for each dollar you put in (up to $500 maximum).

If you make a smaller after –tax contribution, the government will contribute 50 cents for each $1 dollar you put in, up to a limit, and also depending on your total income

The co-contribution is free money, and best of all, it goes tax-free into your super.

How to access the co-contribution

You don’t need to apply for the super co-contribution. If you are eligible, all you need to do is:

  • Make your after- tax personal contributions to your super fund, and
  • Lodge your income tax return.

What you need to do now

  • Contribute to your super fund – you can make payments throughout the year or contribute a lump sum, if that works is better for you
  • Each fund has options about making contributions, eg Bpay or direct debit;
  • Your super fund needs your Tax File Number – otherwise it can’t accept your contribution;
  • Make any contribution well before 30 June each year. The fund must process  your contribution before 30 June for you to receive the co-contribution. It's best to check with your own fund about their contribution cut-off date.

Who is eligible?

  • If you’re earning less than $51,813 a year,  and
  • You make an after-tax, voluntary contribution to your super, you could be eligible to receive a boost from the Government.
  • There are a few rules to follow : click here for MoneySmart basic eligility and here for full eligibility details from the ATO.


Salary sacrifice (or pre –tax ) amounts you contribute do not qualify for the co-contribution

How much is the Super co-contribution?

  • In 2017-18, for incomes between $36,813 and the upper limit ($51,813), the $ 500 maximum co-contribtion is reduced by 3.33 cents per $1 dollar of income in excess of $36,813.


  • To see what your co-contribution could look like  for 2017/18 (depending on your income and personal super contributions, check out ATO 28 Nov 2017,  or you can do a quick using the MoneySmart calculator

Next steps

Call us for a quick chat or drop us a line for help with your super and getting your income more tax effective.

For more ideas, check out the Viva blog on Getting a tax deduction for your super.