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
The super fund’s Future Saver High Growth option delivered an 11.9 per cent return for the financial year 2024–25, on the back of a diversified portfolio and actively managed investment strategy.
HESTA has delivered a 10.18 per cent return for its MySuper Balanced Growth option in the 2024–25 financial year, marking the third consecutive year of returns above 9 per cent for the $80 billion industry fund’s default investment strategy.
Sally McManus, secretary of the Australian Council of Trade Unions (ACTU), commented on the proposal after former prime ...
Strong performance across domestic equities and infrastructure assets has seen the fund achieve solid returns for the 2024-25 financial year.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
