Boost your super
To help you save for your retirement, the Government could boost your super savings by giving you a low income super contribution (LISC).
You may be eligible for a low income super contribution if:
- you or your employer have made before-tax contributions (including superannuation guarantee contributions) to a super fund during the financial year
- your total income is $37,000 p.a. or less
- you have not held a temporary resident visa at any time during the financial year
- you earn 10% or more of your total income from business or employment
For 2012/2013, the LISC is 15% of the before-tax super contributions you or your employer make. The maximum you’ll receive for a financial year is $500 and the minimum is $10.
If you’re eligible for a LISC and your Tax File Number is on file, the LISC is paid directly to your super fund. It may take up to 14 months from the end of the financial year for the payment to reach your fund so make sure you check your Annual Statement each year.