Co-contributions are not provided by MilitarySuper; co-contributions are part of the Australian Government's co-contribution scheme. The Australian Tax Office (ATO) will determine your eligibility to receive a co-contribution. For information regarding eligibility please see the ATO website at www.ato.gov.au.
To qualify, you must satisfy eligibility criteria and have made personal after tax contributions into your superannuation fund such as MilitarySuper.
Am I eligible?
If your assessable income and fringe benefits are less than the limit imposed by the government, you may be entitled to receive a co-contribution amount into super based on information from MilitarySuper and your individual tax return.
As a MilitarySuper member, co-contributions are accepted for contributing members and preserved members as an ancillary amount. Ancillary benefits can only be paid as a lump sum which is separate from your member and employer benefits.
No tax is paid on co-contributions on entry to MilitarySuper. Co-contributions are not counted under contribution limits and are paid tax free on withdrawal.
How much could I receive?
The maximum co-contribution amount is $500 per annum and is payable if your annual income is below the limit set by the government. You do not need to apply; the Australian Taxation Office will determine your eligibility from your tax return.
How do I find out more?
Please also read your MilitarySuper Book [PDF: 1 MB].