You may be eligible for either the super co-contribution or the low-income super contribution (LISC) or both, which means the government also adds to your super.
You don’t need to apply for either the co-contribution or LISC payment. If you’re eligible, have lodged your tax return and your fund has your tax file number (TFN), the ATO will pay it to your fund account automatically.
The super co-contribution is intended to help eligible people boost their retirement savings.
If you are a low- or middle-income earner and make personal (after-tax) super contributions to your super fund, the government also makes a contribution (called a co-contribution) up to a maximum amount ($500 in 2014-15).
If you have more than one super fund and you want your co-contribution paid to a particular one, use the Superannuation fund nomination form.
If you are now retired and no longer have an eligible super account that will accept the co-contribution you can request a direct payment using your myGov account or by completing an Application for direct payment of government super co-contribution.
Low-income super contribution (LISC)
The low-income super contribution (LISC) is a government superannuation payment of up to $500 to help low-income earners save for retirement.
If you earn $37,000 or less a year, you may be eligible to receive a LISC payment directly into your super fund.
The LISC is 15% of the concessional (before tax) super contributions you or your employer pays into your super fund for the 2012-13 to the 2016-17 financial years.
You can apply to have your LISC paid directly to you if you have reached your ‘preservation age’ and are retired. Download the form from Application for direct payment of government super contributions