If you have an adjusted taxable income of $37,000 or less in a year, you may be eligible to receive a boost to your super of up to $500 a year.
The LISC (low income super contribution) is a superannuation payment from the government up to $500 each financial year to assist low income earners save towards their retirement.
The LISC (low income super contribution) is 15.00% of concessional contributions (before tax) that you or your employer deposits from 1 Jul 2012. The maximum amount of the payment for each financial year is $500, the minimum amount is $20.
When lodging your income tax return, the ATO will use the tax return information to calculate if you are eligibile for LISC. If you don’t lodge a tax return, you still don’t need to do anything, the ATO will calculate if you are eligibile by using other information collected. This may take up to 14 months for completion.
Contact Solve Accountants located on the Gold Coast, Qld Australia if you need help with your business tax.