• New low income super tax offset contribution

    The government will introduce a low income superannuation tax offset (LISTO), which will replace the low income superannuation contribution (LISC) policy that has been repealed from 1 July 2017.

    LISTO will provide continued support for low-income earners and ensure that, generally, they do not pay more tax on their super contributions than on their take-home pay.

    From 1 July 2017, eligible individuals with an adjusted taxable income up to $37,000 will receive a LISTO contribution to their super fund. The LISTO contribution will be equal to 15% of their total concessional (pre-tax) super contributions for an income year, capped at $500.

    See also:

    Last modified: 17 Feb 2017QC 51329