If you're a low-to-middle income earner, the government may help boost your super savings through the super co-contribution and the low income super contribution.
Alternatively you may be eligible to claim a tax offset for contributions made on behalf of your non-working or low income earning spouse.
The Low Income Superannuation Contribution (LISC)* is a helping hand from the Australian Government to assist low income earners save for their retirement. From 1 July 2012, the Government provides a LISC of up to $500 annually for eligible individuals on adjusted taxable incomes of up to $37,000.
If you are eligible for the Super Co-Contribution*, the government will match your personal super contributions at a 50% matching rate up to a maximum super co-contribution rate of $500.
You may also be eligible to claim a Spouse Super Contribution Tax Offset* if contributions are made on behalf of your spouse to a complying superannuation fund or retirement savings account. This tax offset applies to contributions made on behalf of non-working or low-income earning spouses, whether married or de facto. You may be able to claim an 18% tax offset on super contributions of up to $3,000 you make on behalf of your non-working or low income earning spouse.
*Eligibility conditions apply. To find out more information about whether you are eligible visit the following links. https://www.ato.gov.au/
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