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  SuperannuationContributionsGovernment Co-Contribution      Monday, 18 January 2021  

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Government Co-contribution


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Changes to Income Test from 1 July 2009
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Rates & Eligibility from 1 July 2020 to 30 June 2021
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Rates & Eligibility – From 1 July 2019 to 30 June 2020
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Total income*

Government Co-contribution

Less than or equal to $38,564

Lesser of:

1> Eligible personal contributions X 50% and

2> $500

More than $38,564 but less than $53,564

Lesser of:

1> Eligible personal contributions X 50% and

2> $500 reduced by 3.333 cents per $1 of assessable income and reportable fringe benefits over $38,564

$53,564 or more

Nil

 

* ‘Total Income’ is assessable income plus reportable fringe benefits plus reportable employer superannuation contributions.
 

If you earn income from carrying on a business, then to determine the level of co-contribution entitlement you need to include net income from carrying on a business.  To do this subtract from your gross assessable income, amounts for which you are entitled to a tax deduction for carrying on a business.

 

From 1 July 2017, a member will only be eligible for the co-contributions if their total superannuation balance at 30 June of the previous financial year is less than $1.6 million and they have not exceeded their non-concessional contributions limit in the financial year.

 


   
Rates & Eligibility – From 1 July 2018 to 30 June 2019
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Total income*

Government Co-contribution

Less than or equal to $37,697

Lesser of:

1> Eligible personal contributions X 50% and

2> $500

More than $37,697 but less than $52,697

Lesser of:

1> Eligible personal contributions X 50% and

2> $500 reduced by 3.333 cents per $1 of assessable income and reportable fringe benefits over $37,697

$52,697 or more

Nil

 

* ‘Total Income’ is assessable income plus reportable fringe benefits plus reportable employer superannuation contributions.
 

If you earn income from carrying on a business, then to determine the level of co-contribution entitlement you need to include net income from carrying on a business.  To do this subtract from your gross assessable income, amounts for which you are entitled to a tax deduction for carrying on a business.

 

From 1 July 2017, a member will only be eligible for the co-contributions if their total superannuation balance at 30 June of the previous financial year is less than $1.6 million and they have not exceeded their non-concessional contributions limit in the financial year.

 


   
Rates & Eligibility – From 1 July 2017 to 30 June 2018
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Total income*

Government Co-contribution

Less than or equal to $36,813

Lesser of:

1> Eligible personal contributions X 50% and

2> $500

More than $36,813 but less than $51,813

Lesser of:

1> Eligible personal contributions X 50% and

2> $500 reduced by 3.333 cents per $1 of assessable income and reportable fringe benefits over $36,813

$51,813 or more

Nil

 

* ‘Total Income’ is assessable income plus reportable fringe benefits plus reportable employer superannuation contributions.
 

If you earn income from carrying on a business, then to determine the level of co-contribution entitlement you need to include net income from carrying on a business.  To do this subtract from your gross assessable income, amounts for which you are entitled to a tax deduction for carrying on a business.

 

From 1 July 2017, a member will only be eligible for the co-contributions if their total superannuation balance at 30 June of the previous financial year is less than $1.6 million and they have not exceeded their non-concessional contributions limit in the financial year.

 


   
Rates & Eligibility – From 1 July 2016 to 30 June 2017
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Rates & Eligibility – From 1 July 2015 to 30 June 2016
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Total income*

Government Co-contribution

Less than or equal to $35,454

Lesser of:

1> Eligible personal contributions X 50% and

 

      2> $500

More than $35,454 but less than $50,454

Lesser of:

1> Eligible personal contributions X 50% and

 

2> $500 reduced by 3.333 cents per $1 of assessable income and reportable fringe benefits over $35,454

$50,454 or more

Nil

 

* ‘Total Income’ is assessable income plus reportable fringe benefits plus reportable employer superannuation contributions.
 

If you earn income from carrying on a business, then to determine the level of co-contribution entitlement you need to include net income from carrying on a business.  To do this subtract from your gross assessable income, amounts for which you are entitled to a tax deduction for carrying on a business.

 


   
Rates & Eligibility – From 1 July 2014 to 30 June 2015
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Rates & Eligibility from 1 July 2013 to 30 June 2014
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Rates & Eligibility from 1 July 2012 to 30 June 2013
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Rates & Eligibility from 1 July 2009 to 30 June 2012
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Rates & Eligibility from 1 July 2008 to 30 June 2009
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Rates & Eligibility from 1 July 2007 to 30 June 2008
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One Off Double Co-Contribution
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Rates & Eligibility from 1 July 2004 to 30 June 2007
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Rates & Eligibility from 1 July 2003 to 30 June 2004
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What is Assessable Income?
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This page was last edited on 7 January 2021

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