How to get an extra $500 into super, for free

I want to let you in on a little secret - how you can get an extra $500, from the Federal Government, straight into your superannuation, for free. It’s called the co-contribution.

The Government wants you to have as much money in super as possible for your retirement - the more money you’ve got, the less you’ll need to rely on them for the age pension down the track.
If you voluntarily add extra money into super, the Government will match it at 50% to help you on your way. So if you put $20 in, they’ll give you an extra $10. If you put $100 in, they’ll give you $50, so on and so forth up to a maximum of $500 per year.

To be entitled to the full $500 maximum, your income must be below $38,000. If your income is below $53,000 you’ll get a partial amount.
This works really well, either for people who might be earning below these thresholds because they’re working part-time while studying, for parents who are working casually while raising children, or when you might be working reduced hours as you’re approaching retirement.

 It’s an easy way to get ‘free’ money into your super and you can take advantage of this offer every single year – so if you’re below the thresholds, there’s no reason you shouldn’t be doing it.

If you’d like to know more about the co-contribution, get in touch for a chat today. You can also check out our Facebook and YouTube for advice on getting the most out of every step of your superannuation journey.