If a member’s adjusted taxable income is under $37,000 and either they or their employer has made concessional contributions into their SMSF by 30 June 2017, they will be entitled to a refund of the 15% contribution tax up to $500 paid by their SMSF on the concessional contributions.
To be eligible, at least 10% of the member’s income must be from business and/or employment and they must not hold a temporary residence visa.
The low income superannuation contributions tax offset replaces the Low Income Super Contributions Tax Refund (LISC) from 1 July 2017.