|
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.