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.
Amid Australians’ growing penchant for seamless digital experiences, an industry professional believes the most successful superannuation funds will be looking to leverage technology for their members in a number of ways.
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The country’s second-largest super fund has completed its fourth SFT this past financial year and welcomes almost 5,000 new members.
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