Home News Pre 30 June maximise your super savings with a little help from the Gov

Pre 30 June maximise your super savings with a little help from the Gov

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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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1st Street Home Loans is a leader in the industry – awarded No. 1 Mortgage Broker in Australia and ranked No. 1 Elite Business Writer in Australia. We have the knowledge and the relationships to get you the best rate on the market, guaranteed, without charging you any fees. You can be approved for a loan within 48 hours and 1st Street will take care of all of the paperwork and communications with lenders, real estate agents and solicitors.
 

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