The $500 super co-contribution is in place to assist, eligible people, save for their retirement. If you are eligible and decide to make personal super contributions the government will pay you a super co-contribution.

You don’t even need to apply for government co-contributions – if you are eligible and your SMSF has your Tax file Number it will be paid to your account automatically.

Check out the ATO’s eligibility criteria

https://www.ato.gov.au/tax-rates-and-codes/key-superannuation-rates-and-thresholds/government-contributions