Introducing a Low Income Superannuation Tax Offset (LISTO)
In the 2016-17 Budget it was announced that from 1 July 2017 a Low Income Superannuation Tax Offset will be introduced.
This will be a tax offset available to superannuation funds based on the tax paid on concessional contributions made on behalf of low income earners. The offset will mean that individuals with an adjusted taxable income up to $37,000 will receive a refund into their superannuation account of the tax paid on their concessional superannuation contributions, to a cap of $500.
The ATO will determine a person’s eligibility for the Low Income Superannuation Tax Offset and advise their superannuation fund annually.
Legislation and supporting material
- Legislation is currently being developed for this measure.
Find out more
In the 2016-17 Budget it was announced that from 1 July 2017 a Low Income Superannuation Tax Offset will replace the Low Income Superannuation Contribution (LISC).