Low income superannuation contribution

In the 2010-11 Federal Budget, the government announced it will provide a new government super contribution from the 2012-13 income year.

The legislation creates the low income super contribution which will provide a new super contribution tax payment of up to $500 annually for low income earners from the 2012-13 income year. The payment amount will be 15% of concessional contributions (including employer contributions) made by or for individuals with an adjusted taxable income that does not exceed $37,000.

Media release

For more information, see the Treasurer's and Prime Minister's joint media release Stronger, fairer, simpler: a tax plan for our future issued on 2 May 2010.

Legislation and supporting material

The following legislation received royal assent on 29 March 2012:

• Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Act 2012
• Explanatory Memorandum.

More information

For more information refer to: fact sheet: Superannuation - low-income earners government contribution Budget 2010-11 website.