Earn less than $37,000?
If you earn $37,000 or less per year, you may be eligible to receive a government payment of up to $500 each financial year directly into your super account. The concession effectively offsets the contributions tax paid on your employer contributions.
To get the Low Income Superannuation Tax Offset you need to:
- have a taxable income of under $37,000 per year
- have had employer contributions paid to your account during the financial year
- earn 10% or more of your total income as an employee or from carrying on a business, or both; and
- be a permanent resident.