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Grow your super with a little help from the Australian Government
If you earn less than $37,0001 in the financial year, and are eligible, the Australian Government refunds the tax you pay on any before-tax contributions made to your superannuation account – up to a maximum of $500. This is known as the low income super tax offset (LISTO), which replaced the low income super contribution (LISC) in 2017.
When before-tax contributions are made to your super account – including salary sacrificing and employer contributions – those contributions are taxed at 15%. To offset the tax deducted for your contributions the LISTO refunds it back into your account. This ensures that, as a low-income earner, you shouldn't pay more tax on your super contributions than you do on your income.
Example: Member earning less than $37,000 per annum
Thirty-five-year-old Lisa works casually as a teacher aide, earning $36,000 a year (excluding super). Her employer contributes the 9.5% superannuation guarantee (SG) of $3,420, which attracts the 15% contributions tax of $513.
After lodging her tax return, the Government will refund $500 of the tax she paid directly to her super – helping her retirement savings grow.
To be eligible for the LISTO you must:
Download our Personal Contributions Guide (pdf) for more details.
Get advice about growing your super over the phone, at no additional cost.2
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1. Your adjusted taxable income is the income you get taxed on, disregarding any First Home Super Saved released amount, plus any adjusted fringe benefits, target foreign income, total net investment loss, any pension or benefit that you get from the Government that’s tax-free, plus any reportable superannuation contributions that have had a child maintenance amount deducted.
2. For Income and Accumulation account members who receive personal financial advice from QInvest (ABN 35 063 511 580, AFSL 238274), the QSuper Board may pay for some or all the advice fee for advice related to your QSuper benefit. Eligibility conditions apply. Refer to the Financial Services Guide for more information.