Part of the eligibility criteria for the co-contribution is the requirement to make an eligible personal superannuation contribution. This must be a non-concessional contribution  (a contribution for which no tax deduction is claimed).

Eligible personal superannuation contributions do not include:

  • Rollover amounts
  • Superannuation transferred from a foreign superannuation fund
  • A directed termination payment
  • An amount transferred from a fund that has never been an Australian superannuation fund or foreign superannuation fund.

A client can choose whether to claim a tax deduction or not. If they want to also claim the co-contribution they should not claim a full deduction for the contribution so that part of the contribution is a non-concessional contribution and counts for co-contribution purposes.

The information contained in this publication is based on the understanding KeyInvest (ABN 74 087 649 474 AFSL No. 240667) has of the relevant Australian legislation as at the date shown in this publication.

The information contained in this publication is of a general nature only and is intended for use by financial advisers and other licensed professionals only. It must not be handed to clients for their keeping nor can any copies of sections of this publication be given to clients. KeyInvest is not a registered tax agent under the Tax Agent Services Act 2009. We recommend that your client be referred to their registered tax agent or legal adviser prior to implementing any recommendations that you may make based on the information contained in this publication.