Examples
To better understand this, let's explore how the co-contribution scheme works through a few examples
Example 1
Maria works as an administrative assistant with an annual salary of $36,000, so she meets all eligibility requirements for a co-contribution. She contributes $40 each fortnight to her super account, totalling $1,040 in the 2023/24 financial year.
Maria is eligible for a co-contribution of $500, which the ATO will pay directly into her super account in October 2024.
Example 2
Hassan, a 45-year-old delivery driver, earns $55,000 annually and receives $5,000 in investment income from a jointly owned property. In the 2023/24 financial year, Hassan contributed $10,500 to his super account. Unfortunately, Hassan isn't eligible for a super co-contribution this year as his total income of $60,000 p.a. exceeds the maximum income threshold, which is $58,445 p.a.