If you earn less than $37,000 a year
The Government has offered the Low Income Superannuation Contribution payment for some years now to people who earn less than $37,000 a year. The payment is a boost to your super of up to $500, and is, in effect, a refund of the 15% tax you paid on your concessional contributions. The Government has renamed the payment to Low Income Superannuation Tax Offset (LISTO).
They’ve also increased the lower threshold for tax offsets for spouse contributions from $10,800 to $37,000.
What it means to you
If you’re eligible for LISC you’re eligible for LISTO; only the name has changed.
For the spouse contributions tax offset, the change to the threshold means that if:
- your partner earns less than $40,000, and
- you make a spouse contribution to their super of up to $3,000
then you’re eligible for an 18% tax offset of the contribution of up to $540.