Aussies have just two weeks left to claim “free” money from the government. It’s through the super co-contribution scheme, which can give you a $500 cash boost each financial year.

Under the scheme, the government can boost your superannuation by up to $500 if you add in $1,000 yourself. That makes it a 50 per cent return on investment, which is a better return than you’ll likely find elsewhere.

But if you want to claim the scheme this year, financial adviser Helen Baker told Yahoo Finance you’ll need to act now.

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What is the super co-contribution?

The super co-contribution is a government incentive of up to $500 to help people on lower incomes boost their retirement savings.

If you earn less than $58,445 for the 2023-24 financial year and make a voluntary after-tax contribution to your super, the government will match this by 50 per cent up to a maximum of $500.

Baker said the scheme provided a good opportunity for Aussies to boost their super, provided they had spare cash at hand to make the voluntary contribution.

“[The scheme] is trying to support those who are on lower incomes, particularly women and those who are working part-time and those who are in low-paid jobs,” Baker told Yahoo Finance.

“The concept is putting in a non-concessional contribution - so it’s not tax-deductible, it's after-tax money from your bank account.”

How much money can I get?

The amount you can get will depend on your income and how much you contribute to your super.

You currently need to earn less than $43,445 for the 2023-24 financial year to be eligible to claim the full $500 amount.

You can still get the contribution if you earn up to $58,445 but the amount you can claim will reduce progressively as your income increases.

You can use the ATO’s calculator to estimate your entitlement and eligibility.

For example, someone earning $50,000 would only be eligible for a $282 maximum co-contribution. They would need to contribute $564 into their super themselves to get the benefit.

If you contribute less than $20 to your super, the government will pay the minimum amount of $20.

How can I claim and when is the deadline?

You don’t need to apply for the super co-contribution, you just need to make a personal non-concessional contribution to your super fund by June 30 if you want to claim for this financial year.