The Government has introduced a new system of payment called Low Income Super Contribution (LISC) which has come into effect from 1st July 2012.
Individuals who have an adjustable taxable income of not exceeding $37,000 of which 10% or more is earned from business or employment are eligible qualified to use this provision. Also, they must have made concessional contributions to a complying super fund in that year.
The maximum contribution of LISC is $500 and the minimum is $20. 15% of the concessional contributions made from 1st July 2012 will be used for calculating LISC.
LISC will be paid directly to the super fund that you have nominated on lodgement of income tax return after matching the details of super contributions made for the year.
Low Income Super Contribution (LISC)