Superannuation industry welcomes no doc LISC
The superannuation industry has broadly welcomed a Government announcement that no paperwork will attach to lower income earners accessing the low-income superannuation contribution.
Both the Association of Superannuation Funds of Australia (ASFA) and the Australian Institute of Superannuation Trustees (AIST) have welcomed the announcement by the Assistant Treasurer and Minister for Financial Services, Bill Shorten.
Shorten announced the Government would streamline the Low Income Superannuation Contribution (LISC) so that individuals automatically benefited from it without being burdened with extra paperwork.
"Rather than requiring eligible workers to fill out a tax return or other type of form, the Australian Taxation Office (ATO) will verify an individual's income using available data," he said.
ASFA chief executive, Pauline Vamos said the move would ensure equity in the system and no impose an undue burden on the least well off.
AUTHOR
Mike Taylor
Recommended for you
The Assistant Treasurer has reaffirmed the government’s commitment to strengthening retirement outcomes, consumer protections and cyber resilience in superannuation.
The industry super fund has advanced reconciliation efforts with a new initiative focused on improving outcomes for First Nations members.
The regulator has announced fresh legal actions in relation to the Shield and First Guardian fund failures.
The Gateway Network Governance Body has unveiled a detailed roadmap to guide the superannuation industry through the upcoming Payday Super reforms.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
211.16 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
121.06 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Smarter Money Long-Short Credit Investor USD
68.96 3 y p.a(%)
