Government Co-Contribution
A government co-contribution is a bonus payment from the Australian Government to help low and middle income earners grow their super when they make personal after tax contributions.
Quick Reference:
Income Based. $500 Per Year. Added By ATO. Encourages Savings.
Expanded Explanation:
If you earn below a certain income threshold and make a non-concessional contribution to your super, the government may match it with a co-contribution (up to $500 annually). You don’t need to apply, the ATO automatically calculates and deposis the bonus if you meet the criteria. It’s one of the simplest ways to receive a guaranteed boost to your retirement balance.