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 winners have been announced for the 2025 Super Fund of the Year Awards, held in Melbourne on 26 November.
Australian Ethical Superannuation has seen additional licence conditions imposed on it by APRA over the fund’s expenditure management.
The fund has strengthened its leadership team with three appointments to drive its next phase of growth and innovation.
ASIC and APRA have warned many trustees have failed to meaningfully improve retirement strategies despite the retirement income covenant being in place for three years.
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(%)
