Note: The Australian government extended the Low Income Superannuation Contribution (LISC) beyond June 2017. The main change is that it is now renamed as the Low Income Superannuation Tax Offset (LISTO).
If you earn less than $37,000, and you, or your employer, makes concessional (before-tax) contributions to your super fund, you may get a refund of up to $500 a year for the contributions tax deducted from the super contributions. More specifically, if your ‘adjusted taxable income is less than $37,000, and concessional contributions are made to your super account, then you may get a super tax refund. An explanation of the meaning of ‘adjusted taxable income’ appears later in this article.
This special contribution from the government, originally known as the Low Income Super Contribution (LISC), but now renamed as the Low Income Superannuation Tax Offset, was originally payable only for the 2012/2013, 2013/2014, 2014/2015, 2015/2016 and 2016/2017 years. The LISC now has been extended indefinitely, and since 1 July 2017, has been renamed the Low Income Superannuation Tax Offset (LISTO).