• Low income superannuation contribution

    From 1 July 2012, the government provides a low income superannuation contribution (LISC) of up to $500 annually for eligible individuals on adjusted taxable incomes of up to $37,000.

    The amount payable under this measure will be calculated by applying a 15 per cent matching rate to concessional contributions made by, or for individuals on adjusted taxable incomes of up to $37,000, with an annual maximum amount payable of $500 (not indexed). The amount will be paid into a superannuation account of the individual to directly boost their retirement savings.

    Concessional superannuation contributions made from 1 July 2012 will be eligible for the LISC. The first payments were made in the 2013–14 income year.

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    Note: The payment of LISC has been maintained in respect of concessional contributions made up to and including 30 June 2017. Payment of LISC will cease in respect of concessional contributions made on or after 1 July 2017. While LISC will continue to be payable in respect of concessional contributions made up to and including the 2016–17 income year, determinations of LISC will cease at 30 June 2019.

    Low income superannuation tax offset

    From 1 July 2017, the government will introduce the low income superannuation tax offset (LISTO) to assist low income earners to save for their retirement.

    If you earn an adjusted taxable income up to $37,000 you may be eligible to receive a refund into your superannuation account of the tax paid on your eligible concessional superannuation contributions, up to a cap of $500.

    You don't need to apply for LISTO. If you're eligible and your fund has your tax file number (TFN), we will pay it to your fund account automatically.

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    Last modified: 07 Mar 2017QC 18123