Low income superannuation options

Government co-contribution eligibility

You may be eligible to receive the co-contribution in the 2014/15 financial year if you earn less than $49,488 and you make any after-tax contributions to your super. Read about how to make a contribution to your First State Super account.

There is no paperwork required to apply for the co-contribution. The Australian Taxation Office does all the work for you. To be eligible for a co-contribution you need to:

  • make personal after-tax (non-concessional) contributions to your super
  • receive at least 10% of your assessable income from employment or self-employment activities
  • lodge an income tax return
  • have given your tax file number (TFN) to your super fund
  • be less than 71 years of age at the end of the financial year and If you are over 65, you must be gainfully employed, at least on a part-time basis, to make an after-tax contribution.
  • have not been a temporary resident of Australia for any part  of the financial year.

The table below shows the relationship between your income, after-tax contribution amount and co-contribution amount. 

Your total income Maximum co-contribution payment available How much you have to contribute to receive the maximum co-contribution
$34,488 or less $500 $1,000
$37,488 $400 $800
$40,488 $300 $600
$43,488 $200 $400
$46,488 $100 $200
$49,488 $0 $0

Low income superannuation contribution (LISC) scheme

If you are eligible and have an annual income up to $37,000 you can also receive a refund of your contributions tax up to a maximum of $500. This new scheme applies to contributions received from 1 July 2012 and the first payments will be made by the Government in the 2013/14 financial year.

Read our Low income superannuation support options fact sheet for more information on the Government co-contribution and the LISC.

*A draft Bill released by the Government proposes that the LISC scheme be abolished.