The ‘Super Co-contribution’ scheme.
The basic principle is that for every $1 that an eligible person puts into super, the Government will match that $1 with a $1 of their own, giving you $2 into your super fund account.
There is a maximum limit, which is now $1,000 (from 1st July 2009), and there are income thresholds to be taken into account.
A person on $31,920 or less is eligible for the full $1,000 co-contribution, but incomes above this but under $61,920 will get a tapered benefit, with no benefit being available for those over $61,920.
Source: www.ato.gov.au/content/42616
[important]Updated in Oct 2014[/important]
| Australian Tax Office | |||
| Table 20: Co-contribution income thresholds | |||
| Year | Maximum | Lower income | Higher income |
| entitlement | threshold | threshold | |
| 2014 ??15 | $ 500 | $34,488 | $49,488 |
| 2013 ??14 | $ 500 | $33,516 | $48,516 |
| 2012 ??13 | $ 500 | $31,920 | $46,920 |
| 2011 ??12 | $1,000 | $31,920 | $61,920 |
| 2010 ??11 | $1,000 | $31,920 | $61,920 |
| 2009 ??10 | $1,000 | $31,920 | $61,920 |
| 2008 ??09 | $1,500 | $30,342 | $60,342 |
| 2007 ??08 | $1,500 | $28,980 | $58,980 |
| 2006 ??07 | $1,500 | $28,000 | $58,000 |
| 2005 ??06 | $1,500 | $28,000 | $58,000 |
| 2004 ??05 | $1,500 | $28,000 | $58,000 |
| 2003 ??04 | $1,000 | $27,500 | $40,000 |
The low income limit had increased to $34,488 by 2014, with an upper limit of $49,488