There are significant superannuation regulation changes that may affect your contribution decisions:

  • The total super balance (TSB) threshold increases from $1.7 million to $1.9 million after 1 July 2023. It affects your eligibility for non-concessional/spouse/co-contributions.
  • The SGC rate increases from 10% to 10.5% in the 2023 FY and to 11% in the 2024 FY.
  • The work test requirement no longer applies if you make non-concessional/salary sacrifice contributions after 1 July 2022.
  • The age restriction for the bring-forward measure extends from under 67 to under 75 after 1 July 2022.
  • Income thresholds for the co-contribution measure increases annually.

We are currently updating the contents on our website progressively to reflect the above changes. In the meantime, please be mindful of the changes when making contribution decisions.

What is the Super Co-Contribution

The Super Co-Contribution is an Australian Government initiative to assist you to save for your retirement whereby if your income is within predetermined thresholds and you make a personal super contribution in a financial year, the Government will match your contribution with a co-contribution up to certain limits.


To be eligible for a co-contribution, the following criteria must be satisfied: 

  1. You make a personal contribution by 30 June of that income year to your SMSF.
  2. You do not claim a deduction in your personal income tax return for the contribution.
  3. Your total income must be below the higher income threshold.
    Income Year Maximum
    Lower Income
    Higher Income
    2021-22$500 $41,112$56,112
    2020-21 $500 $39,837 $54,837
    2019-20 $500 $38,564 $53,564
  4. 10% or more of your total income must be from running a business, eligible employment or a combination.
  5. You are less than 71 years old at the end of the income year.
  6. You do not hold an eligible temporary resident visa at any time during the income year. 
  7. Your Total Superannuation Balance must be less than the general Transfer Balance Cap on 30 June of the previous Financial Year, and
  8. Income Year General Transfer Balance Cap
    2021-22$1.7 million
    2020-21 $1.6 million
    2019-20 $1.6 million
  9. You must not have exceeded your Non Concessional Contributions cap in the relevant Financial Year.

You must meet all these requirements to be eligible.

How much does the Government Contribute?

Based on current thresholds, if your total annual income is $41,112 (2022 financial year), the Government will pay $0.50 for every dollar you personally contribute to your SMSF.

Financial Year Rate % Max Co-Contribution
2022 50% $500
2021 50% $500
2020 50% $500

Reduction in Co-Contribution Payment

For earnings between $41,112 and $56,112 (2022 financial year), the maximum co-contribution is reduced by 3.33 cents for every dollar earned over the minimum threshold until it cuts out. The lower income threshold will be increased to keep pace with wages, with the upper threshold increased accordingly.

Applying for the Government Co-Contribution

No Application is needed for the Government Co-Contribution. All you need to do if you are eligible is make a personal superannuation contribution to your SMSF and lodge your personal income tax return. It is that simple and there are no additional forms. ESUPERFUND will determine the amount of the contribution made by you when completing your SMSF annual accounts (noting the contribution will show up in your SMSF Bank Account). The Tax Office will in turn use the information on your income tax return and the information provided by ESUPERFUND on your SMSF tax return to work out whether you are eligible. If you are, they will automatically calculate the co-contribution amount and deposit your entitlement into your SMSF or send you a cheque. The ATO will send you a letter to confirm payment once it has been paid.

Set up your SMSF with ESUPERFUND Today!