CA chief executive James Sutherland, who received the cheque, paid tribute to the performance of the Australian team and the administrative bodies that support the players off the field.
"Cricket Australia is honoured to receive this cheque from the International Cricket Council to reward the Australian teams position on the ICC Test and ODI Championship tables over the past 12 months," Sutherland said in a statement on Tuesday.
"It certainly recognises the performance of the Australian team and our team management who play such a vital role behind the scenes."
The payment comprised $250,000 for topping the ICC Test Championship and $250,000 for leading the ICC ODI Championship.
It is the first time the ICC has made a financial payment to recognise the achievement.
The Test Championship was introduced in May 2001 with the ODI table formed in October 2002.