From 1 July 2017, Low Income Superannuation Tax Offset (LISTO) replaced the Low Income Superannuation Contribution (LISC). This is a government superannuation payment that supports low-income earner and ensure that generally they are better off making and receiving concessional contributions.
Eligible Members will receive a LISTO payment that is equal to 15% of their total concessional contributions. It can be up to $500 for a financial year.
Members must meet all below criteria to be eligible for LISTO:
The Tax Office will determine your eligibility with the submitted tax return or contributions information from your super fund and other information they collect. The LISTO payment will be paid directly to your super fund account as long as your TFN is quoted in the super account.
If Members reached preservation age and are retired, they can request LISTO payment directed to them by following either of these methods:
Low-income earners might also be eligible for Government co-contribution. Please click here for more information.