POWERED BY MOMENTUM MEDIA
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
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
