If you are a low-to-middle income earner, the Australian Government may help to boost your super savings through the super co-contribution payment.
Eligible individuals can take advantage of the co-contribution payment by making personal super contributions to their super fund. The government will then match your contributions up to a maximum amount.
Eligibility requirements include earning below a maximum income threshold, making a personal contribution to super in the income year and lodging your tax return.
Any co-contribution amount paid into your account will be shown on your annual benefit statement for the relevant financial year. Co-contributions do not attract any employer subsidy and will grow with Fund earnings according to which investment option you are in. They will become payable as a lump sum, or transferred to another fund, only when a benefit becomes payable.
For more information about the super co-contribution payment, including eligibility and how much you might get, visit the Australian Taxation Office website.