Government Co-contribution

Up to 30 June 2009 ‘Total Income’ is assessable income plus reportable fringe benefits.

 

From 1 July 2009 ‘Total Income’ includes reportable employer superannuation contributions.  

 

From 1 July 2007, 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.

 

 

 

Total income*	Government Co-contribution
Less than or equal to $42,016	Lesser of: 1>Eligible personal contributions X 50% and 2> $500
More than $41,112 but less than $57,016	Lesser of: 1>Eligible personal contributions X 50% and 2> $500reduced by 3.333 cents per $1 of assessable income and reportable fringe benefits over $42,016
$57,016 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 the Transfer Balance Cap and they have not exceeded their non-concessional contributions limit in the financial year.

 

Total income*	Government Co-contribution
Less than or equal to $41,112	Lesser of: 1> Eligible personal contributions X 50% and 2> $500
More than $41,112 but less than $56,112	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 $41,112
$56,112 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 the Transfer Balance Cap and they have not exceeded their non-concessional contributions limit in the financial year.

 

Total income*	Government Co-contribution
Less than or equal to $39,837	Lesser of: 1> Eligible personal contributions X 50% and 2> $500
More than $39,837 but less than $54,837	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 $39,837
$54,837 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.

 

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.

 

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.

 

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

 

Total income*	Government Co-contribution
Less than or equal to $36,021	Lesser of: 1> Eligible personal contributions X 50% and 2> $500
More than $36,021 but less than $51,021	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 $36,021
$51,021 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 2015 to 30 June 2016

Total income*	Government Co-contribution
Less than or equal to $35,454	Lesser of: 2> Eligible personal contributions X 50% and   2> $500
More than $35,454 but less than $50,454	Lesser of: 2> 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

Total income*	Government Co-contribution
Less than or equal to $34,488	Lesser of: 1> Eligible personal contributions X 50% and   2> $500
More than $34,488 but less than $49,488	Lesser of: 3> Eligible personal contributions X 50% and   2> $500 reduced by 3.333 cents per $1 of assessable income and reportable fringe benefits over $34,488
$49,488 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 2013 to 30 June 2014

Total income*	Government Co-contribution
Less than or equal to $33,516	Lesser of: 3> Eligible personal contributions X 50% and   2> $500
More than $33,516 but less than $48,516	Lesser of: 4> Eligible personal contributions X 50% and   2> $500 reduced by 3.333 cents per $1 of assessable income and reportable fringe benefits over $33,516
$48,516 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 2012 to 30 June 2013

 

Total income*	Government Co-contribution
Less than or equal to $31,920	Lesser of: 4> Eligible personal contributions X 50% and   2> $500
More than $31,920 but less than $46,920	Lesser of: 5> Eligible personal contributions X 50% and   2> $500 reduced by 3.333 cents per $1 of assessable income and reportable fringe benefits over $31,920
$46,920 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.

 

Examples:

 

	If your personal non-concessional super contribution is:
And your ‘Total Income’ is:	$1,000	$800	$500	$200
	Your Super Co-contribution will be:
$31,920 or less	$500	$400	$250	$100
$34,921	$400	$400	$250	$100
$37,921	$300	$300	$250	$100
$40,921	$200	$200	$200	$100
$43,922	$100	$100	$100	$100
$46,922	NIL	NIL	NIL	NIL

 

 

Eligibility

 

In addition to complying with the thresholds above, the contributor must:

 

1> make a personal non-concessional contribution to a complying superannuation fund or an RSA; a spouse contribution is not an eligible personal contribution.

 

2> be less than age 71 at the end of the income year (NB! 71-75’s are excluded);

 

3> if self-employed and aged between 65 and 70 you must have been gainfully employed for at least 40 hours during a period of not more than 30 consecutive days in the year the eligible contribution is made;

 

4> earn 10% or more of their total income* from carrying on a business, eligible employment or a combination of both.  For the purpose of this 10% test, total income is not reduced by allowable business deductions.

 

5> lodge an income tax return for the income year;

 

6> not hold an eligible temporary resident's visa at any time during the income year.

 

Refer to the links below for more information.

 

 Rates & Eligibility – From 1 July 2009 – 30 June 2012

 

 

Total income*	Government Co-contribution
Less than or equal to $31,920	Lesser of: 5> Eligible personal contributions X 100% and   2> $1,000
More than $31,920 but less than $61,920	Lesser of: 6> Eligible personal contributions X 100% and   2> $1,000 reduced by 3.333 cents per $1 of assessable income and reportable fringe benefits over $31,920
$61,920 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.

 

Examples:

 

	If your personal non-concessional super contribution is:
And your ‘Total Income’ is:	$1,000	$800	$500	$200
	Your Super Co-contribution will be:
$31,920 or less	$1,000	$800	$500	$200
$34,921	$900	$800	$500	$200
$37,921	$800	$800	$500	$200
$40,921	$700	$700	$500	$200
$43,922	$600	$600	$500	$200
$46,922	$500	$500	$500	$200
$49,922	$400	$400	$400	$200
$52,922	$300	$300	$300	$200
$55,923	$200	$200	$200	$200
$58,923	$100	$100	$100	$100
$61,920	$0	$0	$0	$0

 

 

Eligibility

 

In addition to complying with the thresholds above, the contributor must:

 

1> make a personal non-concessional contribution to a complying superannuation fund or an RSA; a spouse contribution is not an eligible personal contribution.

 

2> be less than age 71 at the end of the income year (NB! 71-75’s are excluded);

 

3> if self-employed and aged between 65 and 70 you must have been gainfully employed for at least 40 hours during a period of not more than 30 consecutive days in the year the eligible contribution is made;

 

4> earn 10% or more of their total income* from carrying on a business, eligible employment or a combination of both.  For the purpose of this 10% test, total income is not reduced by allowable business deductions.

 

5> lodge an income tax return for the income year;

 

6> not hold an eligible temporary resident's visa at any time during the income year.

 

Refer to the links below for more information.

 

 

 Rates & Eligibility 2008/2009 & 2010/2011

 

Total income*	Government Co-contribution
Less than or equal to $30,342	Lesser of: 6> Eligible personal contributions X 150% and   2> $1,500
More than $30,342 but less than $60,342	Lesser of: 7> Eligible personal contributions X 150% and   2> $1,500 reduced by 5c per $1 of assessable income and reportable fringe benefits over $30,342
$60,342 or more	Nil

 

* ‘Total Income’ is assessable income plus reportable fringe benefits.  However, 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.

 

Examples:

 

	If your personal non-concessional super contribution is:
Total Income	$1,000	$800	$500	$200
	Your Super Co-contribution will be:
$30,342 or less	$1,500	$1,200	$750	$300
$32,342	$1,400	$1,200	$750	$300
$34,342	$1,300	$1,200	$750	$300
$36,342	$1,200	$1,200	$750	$300
$38,342	$1,100	$1,100	$750	$300
$40,342	$1,000	$1,000	$750	$300
$42,342	$900	$900	$750	$300
$44,342	$800	$800	$750	$300
$46,342	$700	$700	$700	$300
$48,342	$600	$600	$600	$300
$50,342	$500	$500	$500	$300
$52,342	$400	$400	$400	$300
$54,342	$300	$300	$300	$300
$56,342	$200	$200	$200	$200
$58,342	$100	$100	$100	$100
$60,342	$0	$0	$0	$0

 

 

Eligibility

 

In addition to complying with the thresholds above, the contributor must:

 

1> make a personal non-concessional contribution to a complying superannuation fund or an RSA;

 

2> be less than age 71 at the end of the income year (NB! 71-75’s are excluded);

 

3> if self-employed and aged between 65 and 70 you must have been gainfully employed for at least 40 hours during a period of not more than 30 consecutive days in the year the eligible contribution is made;

 

4> earn 10% or more of their total income* from carrying on a business, eligible employment or a combination of both.  For the purpose of this 10% test, total income is not reduced by allowable business deductions.

 

5> lodge an income tax return for the income year;

 

6> not hold an eligible temporary resident's visa at any time during the income year.

 

Refer to the links below for more information.

 

 

Rates applicable from 1 July 2007 to 30 June 2008

 

Total income*	Government Co-contribution
Less than or equal to $28,980	Lesser of: 7> Eligible personal contributions X 150% and   2> $1,500
More than $28,980 but less than $58,980	Lesser of: 8> Eligible personal contributions X 150% and   2> $1,500 reduced by 5c per $1 of assessable income and reportable fringe benefits over $28,980
$58,980 or more	Nil

 

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

 

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.

 

 

Examples:

 

	If your personal non-concessional super contribution is:
Total Income	$1,000	$800	$500	$200
	Your Super Co-contribution will be:
$28,980 or less	$1,500	$1,200	$750	$300
$30,980	$1,400	$1,200	$750	$300
$32,980	$1,300	$1,200	$750	$300
$34,980	$1,200	$1,200	$750	$300
$36,980	$1,100	$1,100	$750	$300
$38,980	$1,000	$1,000	$750	$300
$40,980	$900	$900	$750	$300
$42,980	$800	$800	$750	$300
$44,980	$700	$700	$700	$300
$46,980	$600	$600	$600	$300
$48,980	$500	$500	$500	$300
$50,980	$400	$400	$400	$300
$52,980	$300	$300	$300	$300
$54,980	$200	$200	$200	$200
$56,980	$100	$100	$100	$100
$58,980	$0	$0	$0	$0

 

 

Eligibility

 

In addition to complying with the thresholds above, the contributor must:

 

1> make a personal non-concessional contribution to a complying superannuation fund or an RSA;

 

2> be less than age 71 at the end of the income year (NB! 71-75’s are excluded);

 

3> if self-employed and aged between 65 and 70 you must have been gainfully employed for at least 40 hours during a period of not more than 30 consecutive days in the year the eligible contribution is made;

 

4> earn 10% or more of their total income* from carrying on a business, eligible employment or a combination of both.  For the purpose of this 10% test, total income is not reduced by allowable business deductions.

 

5> lodge an income tax return for the income year;

 

6> not hold an eligible temporary resident's visa at any time during the income year.

 

Refer to the links below for more information.

 

A one-off double co-contribution was made into the superannuation accounts of those persons who made eligible contributions in the 2005/2006 income year.  This payment was made before 30/6/2007 for most people. Refer to the link below for more information.

 

 

Assessable income plus reportable fringe benefits	Government Co-contribution
Less than or equal to $28,000	Lesser of: 1>    Eligible personal contributions X 150% and   2>  $1,500
More than $28,000 but less than $58,000	Lesser of: 1>    Eligible personal contributions X 150% and   2>  $1,500 reduced by 5c per $1 of assessable   income and reportable fringe benefits over     $28,000
$58,000 or more	Nil

 

 

Examples:

 

	If your personal super contribution is:
And your assessable income plus reportable fringe benefits are:	$1,000	$800	$500	$200
	Your Super Co-contribution will be:
$28,000 or less	$1,500	$1,200	$750	$300
$30,000	$1,400	$1,200	$750	$300
$32,000	$1,300	$1,200	$750	$300
$34,000	$1,200	$1,200	$750	$300
$36,000	$1,100	$1,100	$750	$300
$38,000	$1,000	$1,000	$750	$300
$40,000	$900	$900	$750	$300
$42,000	$800	$800	$750	$300
$44,000	$700	$700	$700	$300
$46,000	$600	$600	$600	$300
$48,000	$500	$500	$500	$300
$50,000	$400	$400	$400	$300
$52,000	$300	$300	$300	$300
$54,000	$200	$200	$200	$200
$56,000	$100	$100	$100	$100
$58,000	$0	$0	$0	$0

 

Eligibility

 

In addition to complying with the thresholds above, the contributor must:

 

1> make a personal contribution to a complying superannuation fund or an RSA;

 

2> be less than age 71 at the end of the income year;

 

3> have 10% or more of their assessable income and reportable fringe benefits 

     for the income year attributable to eligible employment (i.e. not eligible to 

     claim a deduction for a personal super contribution);

 

4> lodge an income tax return for the income year;

 

5> not hold an eligible temporary resident's visa at any time during the income year.

 

Refer to the links below for more information.

 

 

 

Assessable income plus reportable fringe benefits	Government Co-contribution
Less than or equal to $27,500	Lesser of: 1> Eligible personal contributions X 100% and   2> $1,000
More than $27,501 but less than $39,999	Lesser of: 1>Eligible personal contributions X 150% and   2>  $1,000 reduced by 8c per $1 of assessable   income and reportable fringe benefits over     $27,500
$40,000 or more	Nil

 

Eligibility

 

In addition to complying with the thresholds above, the contributor must:

 

1> make a personal contribution to a complying superannuation fund or an RSA;

 

2> be less than age 71 at the end of the income year;

 

3> have 10% or more of their assessable income and reportable fringe benefits 

     for the income year attributable to eligible employment (i.e. not eligible to 

     claim a deduction for a personal super contribution);

 

4> lodge an income tax return for the income year;

 

5> not hold an eligible temporary resident's visa at any time during the income year.

 

Refer to the links below for more information.

Assessable income is defined as ‘income under ordinary concepts plus statutory income’ minus ‘exemptions’.

 

It is used in calculations such as:

 

> the concessional superannuation contribution 10% rule

 

> the spouse contribution offset, and

 

> the government superannuation co-contribution   

 

Assessable income typically includes:

 

> gross salary and wages, gross business income, grossed up dividends, gross interest income, gross rent received and gross personal services income.  Gross means before any expense deductions.

 

> net capital gains earned personally (net capital gains is after deducting the discount)

 

> gross trust distributions, except for the distributed capital gains component. Only the net capital gains after deducting the discount are included in the beneficiary’s assessable income.

 

Prior to 1 July 2010 the assessable income of a beneficiary included gross capital gains distributed from a trust.

 

NB! As a result of the trust streaming legislation introduced on 23 June 2011, (effective from 1 July 2010) capital gains distributed from trusts are no longer grossed up for inclusion in the assessable income of the beneficiary (only net capital gains are included)

 

> certain primary production income, pensions less the deductible amount, assessable foreign income, the assessable part of an ETP from an employer but not from a superfund.

 

> net partnership income from each partnership.  Losses from any partnership cannot be offset against any other income and that includes profits from another partnership.  Net capital gains and foreign income from a loss partnership are not included in assessable income to the extent that the partnership loss is greater than them.