Super members

Low income superannuation contribution

Earn under $37,000 and get a super boost of up to $1,000

If your taxable income is $37,000 p.a. or less and you meet eligibility requirements, you could get up to $1,000 from the Australian Government this financial year.

Two different types of government super contribution schemes are now available to boost the super accounts of working Australians who earn under $37,000. These are:

About the LISC

Introduced in 2012, the LISC is simply a refund of the 15% contributions tax you pay on your concessional contributions when they reach your super account. If you are eligible you will receive a refund of your contributions tax of between $10 (minimum) and $500 (maximum). Entitlements under the minimum will be rounded up to $10.

Concessional contributions include:

Who is eligible for the LISC?

You must have an adjustable taxable income of $37,000 or less for the financial year as well as:

  • concessional contributions paid into your super account
  • at least 10% or more of your total income from business or employment
  • not hold a temporary residence visa

How do I get it

All you need to do is lodge your tax return with the Australian Taxation Office (ATO). They'll assess it, work out your total adjustable income and pay the LISC directly into your super account for you. If you do not have to lodge a tax return, the ATO will work out whether or not you are eligible and pay the LISC directly into you super account.

Your tax file number (TFN)

You should make sure LGsuper has your tax file number (TFN), that way the ATO can match your details and pay the LISC directly into your LGsuper account.

More information

 

 

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