If most of us rely solely on the mandatory employer superannuation contributions, we still won’t have enough to finance a comfortable retirement.  That’s why so many people top up their superannuation with a personal contribution.  Most people can do this via salary sacrifice; others up to make a small payment a couple of times a year.  You can even contribute to your spouse’s super.

And here’s the good news – Some people can get a government co-contribution for their superannuation.

Depending on your wage, if you make a contribution to your super, the government might make a co-contribution of as much as $500.  You don’t need to apply for this; if you’re eligible and your super has your tax file number, the government will pay it automatically.

How much of a co-contribution you can get depends on your income and on the size of your contribution.  If you’re on $35,469 or less a year, the government will contribute 50 cents for every dollar you contribute, up to $500.  Even if you’re on $50,453 a year, the government will contribute up to $20 to your super.  Hey, it may not sound like much, but it’s still free money!

To see if you’re eligible, use this fun super co-contribution calculator from Money Smart! Contact your financial adviser for more information. If you don’t have a financial planner then contact us on 03 5338 7455 or http://www.ballaratwealth.com.au for a free, no obligation appointment.


Peter Angel

Authorised Representative of Aon Hewitt Financial Advice Limited

Authorised Representative No. 1234567

 Aon Hewitt Financial Advice ABN 13 091 225 642 AFSL No. 239183

This information may be regarded as general advice.  That is, your personal objectives, needs or financial situations were not taken into account when preparing this information.  Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it.  Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.