The Australian Government offers the super co-contribution and low income superannuation tax offset (LISTO) as payments to help low and middle-income earners save for retirement. Find out if you are eligible.
Info sheet - July 2023
The super co-contribution is a payment to help boost your retirement savings. If you’re a low or middle-income earner and make voluntary after-tax super contributions, you could receive a contribution from the Australian Government up to a maximum amount of $500.
If you have a total annual income of less than $43,445 (2023/24), the Australian Government will contribute 50 cents for every $1 you put into your super to a maximum of $500 in a financial year. Total annual income is your assessable income plus reportable fringe benefit amounts and reportable superannuation contributions (including salary sacrifice).¹
It depends on your total income and the amount of money you put into your super through after-tax standard member, compulsory or personal contributions.
The super co-contribution amount gradually lessens as income increases, until it cuts out for those who earn $58,445 or more. To receive the maximum co-contribution of $500, you need to earn $43,445 or less and contribute at least $1,000 to your super.
|If your total annual income is...||You will get a maximum super co-contribution amount of...||As long as you contribute..|
|$43,445 or less||$500||$1,000|
You could be eligible to receive the super co-contribution if you satisfy all of the following conditions:
No. The super co-contribution is not taxed on entry to Brighter Super or when it is withdrawn after preservation age.
Only standard member or voluntary contributions made from your after-tax pay count towards the super co-contribution.
The following contributions do not count for the super co-contribution:
You don’t need to apply to receive the super co-contribution. At the end of each financial year the Australian Taxation Office (ATO) will assess your eligibility based on your tax return and the information we give them.
If you make personal contributions to more than one super fund you can nominate where the super co-contribution should be sent. A nomination form is available from the ATO’s website at www.ato.gov.au.
The low-income superannuation tax offset (LISTO) is an Australian Government initiative designed to help boost your super savings if you earn $37,000 or less each financial year. If you are eligible, you could receive a refund of the 15% tax you pay on concessional contributions when they reach your account, up to a maximum of $500 each financial year. Concessional contributions include payments made by your employer or by you from your before-tax pay or those you claim as a tax deduction.
You could be eligible if:
The ATO assesses your eligibility for the LISTO and calculates your refund. To manually work out how much you may be eligible to receive, simply multiply all your concessional super contributions for a financial year by 0.15 and then round to the nearest cent. The maximum payment each financial year is $500 and the minimum is $10.
Unless you have reached your preservation age (from age 55) and are retired, or you are 65 or over, your payment will be made directly into your super fund if you’ve provided your tax file number. Check your most recent superannuation statement or your transaction listing in Member online for details.
LGIAsuper Trustee (ABN 94 085 088 484) (AFSL 230511) (the Trustee) as trustee for LGIAsuper (ABN 23 053 121 564) (RSE R1000160) (the Fund) trading as Brighter Super. Brighter Super products are issued by the Trustee on behalf of the Fund. Brighter Super may refer to the Trustee or LGIAsuper as the context may be.
This info sheet provides general information only and does not take into account your individual objectives, financial situation or needs. As such, you should consider whether it is appropriate in light of your own objectives, financial situation and needs prior to making any decision. You should consult a licensed financial advisor if you require advice which does take into account your personal financial circumstances. You should also obtain and consider the Product Disclosure Statement (PDS) before making any decision to acquire any products. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the PDSs and TMDs at brightersuper.com.au/governance.