Money Doesn’t Come Without Guidance ...
We all know that the Low Income Super Contribution (LISC) has been extended beyond June 2017 and named as Low Income Super Tax Offset (LISTO) as the Coalition government has enacted a new law which will be effective from 2017-18 income year and onwards. But now the burning question is whether you are eligible for LISTO?
Eligibility for LISTO is almost the same as LISC previously. If an individual earns less than $37,000 adjusted taxable income, and he/she or his/her employer, makes concessional contributions to his/her super fund, he/she may receive a refund of up to $500 a year for the contributions tax deducted from the super contributions. All the conditions for eligibility are briefly described below:
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