The Australian Institute of Superannuation Trustees (AIST) is calling for the 2019/20 Federal Budget to include a $1,000 government contribution for everyone receiving the LISTO. The Low Income Superannuation Tax Offset (LISTO), like the Low Income Superannuation Contribution (LISC) it replaced, is meant to offset the contributions tax paid by… Read More »LISTO is falling behind as SG rates increases: AIST
LISTO – Low Income Superannuation Tax Offset
The Low Income Superannuation Tax Offset (LISTO), if legislated, replaces the LISC – it is a government super contribution to offset up to $500 in contributions tax for low income earners. It was announced in the 2016 Budget.
Over three million people will benefit from the Low Income Superannuation Tax Offset, which starts from 1 July 2017, according to the Association of Superannuation Funds of Australia (ASFA). The Low Income Superannuation Tax Offset (LISTO) provides a refund (it is not actually a tax offset) of contributions tax for low income… Read More »Over 3 million to benefit from Low Income Superannuation Tax Offset
Compulsory superannuation payments help many middle-income earners to save more for retirement, but super is simply the wrong tool to provide an adequate support for low-income earners. Our analysis shows top-up measures targeted at helping this group save for retirement are poorly targeted and an expensive way to do so.… Read More »The government shouldn’t use super to help low-income savers
The Low Income Superannuation Tax Offset (LISTO) isn’t actually a tax offset, which has been welcomed by superannuation fund representative bodies. When the LISTO was announced there was concern that, as implied by the name, it would be structured as a tax offset, with administrative implications. The Budget papers said: “The… Read More »Low Income Super Tax Offset (LISTO) isn’t actually a tax offset
The Government has released draft legislation for some of the changes to superannuation announced in the 2016 Budget. However the draft legislation does not include some of the more controversial changes, such as the $500,000 lifetime non-concessional contributions cap. Update #2: the Treasury Laws Amendment (Fair and Sustainable Superannuation) Bill… Read More »First tranche of Budget 2016 superannuation draft legislation released
The 2016/17 Federal Budget has made significant changes to superannuation, arguably the largest changes since the 2006/07 Budget. Update: the Government has dropped some of the policies announced in the 2016, and made significant changes to others. The 2016 Budget includes changes to the super fund tax concessions for Transition to Retirement… Read More »2016 Budget superannuation changes largest since 2006/07