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 is that LISC is only paid in respect of concessional contributions made in the 2012-13 income year.

Legislation and supporting material

Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 and explanatory memorandumExternal Link was introduced into Parliament on 13 November 2013 which was negated in the Senate on 25 March 2014.

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    Last modified: 04 Jun 2014QC 38185