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Tax Offset (LISTO), which will replace the Low Income Superannuation Contribution (LISC) policy that has been repealed from 1 July 2017.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 don’t pay more tax on their super contributions than on their take-home pay.

From 1 July 2017, eligible members 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.

Categories: News & Events, Recent News & EventsBy Queensland Audit Services 28/02/2017

Author: Queensland Audit Services

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