If you or your employer paid concessional (before tax) contributions to a complying superannuation fund you may be eligible for the low income superannuation contribution (LISC).
The LISC is a government payment designed to help offset the tax paid by superfunds for low income individuals. The LISC is 15% of the concessional contributions paid into your super fund during the financial year. The maximum payment that you can receive is $500.
Are you eligible?
To be eligible you must satisfy all of the following criteria:
How will I receive the money?
For our Self-Managed Super Fund (SMSF) clients our office will receive the cheques and forward them to you – please ensure that they are deposited into your SMSF’s bank account. If you have an industry superannuation fund, you do not need to do anything. Once your tax return has been lodged and the fund has reported your contributions to the ATO, the LISC will be paid directly to your super fund account.
You can confirm whether or not a payment has been received by reviewing your year-end member statement.
Should you have any queries regarding the LISC please contact our office.
|Tags: Superannuation Employees 2014 SMSF 2013 Member ATO Data Matching Strategy|