• Low Income Super Contribution (LISC)

    In the 2014-15 Budget the Government reaffirmed its intention to repeal the low income superannuation contribution (LISC) payment as it was linked to the Mining Resource Rent Tax (MRRT). This payment is a government superannuation contribution of up to $500 per year on behalf of low income earners. The amount is generally paid directly to the individual's super fund.

    The intention was that LISC would only be paid in respect of concessional contributions made in the 2012-13 income year.

    However, further amendments to the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 extended LISC payments for concessional contributions made up to and including the 2016-17 financial year. This will be the last contributions year that eligible individuals will be entitled to receive a LISC.

    This will mean that while LISC will continue to be payable in respect of concessional contributions made up to and including the 2016-17 year, determinations of LISC will cease on 1 July 2019.

    Legislation and supporting material

    The Minerals Resource Rent Tax Repeal and Other Measures Act 2014 received Royal Assent on 5 September 2014.

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      Last modified: 05 Dec 2016QC 38185