Low-Income Super Contribution and Super Co-contribution - Government Co-contribution Eligibility
Saving for retirement can be a daunting task, especially for those on a low income. However, there are government programs in place to help low-income earners boost their superannuation savings. In this article, we will be discussing two such programs: Low Income Super Contribution, Super Co-contribution, and the Government Co-contribution Eligibility for these schemes. The Low Income Super Contribution (LISC) is a government initiative that aims to help low-income earners save for their retirement. Eligible individuals can receive a government contribution of up to $500 per financial year. To be eligible for LISC, you must have an adjusted taxable income of $37,000 or less and have made concessional (before-tax) contributions to your super fund. The maximum LISC payment is $500, and it is paid directly into your super account. The Super Co-contribution is another government initiative designed to help low-income earners boost their super savings. If you make personal (after-tax...