What does LISC mean in COMPANIES & FIRMS
The Low Income Super Contribution (LISC) is a Government initiative which provides a financial contribution to support Australians who earn less than $37,000. This contribution helps people on lower incomes save for their retirement, due to the fact that they are unable to make regular contributions due to their limited income. LISC is designed to assist individuals on low incomes build an adequate level of superannuation savings to provide them with a secure retirement income.
LISC meaning in Companies & Firms in Business
LISC mostly used in an acronym Companies & Firms in Category Business that means Low Income Super Contribution
Shorthand: LISC,
Full Form: Low Income Super Contribution
For more information of "Low Income Super Contribution", see the section below.
What Is Low Income Super Contribution?
The Low Income Super Contribution (LISC) is an annual payment of up to $500 from the Australian Government that assists those on lower incomes to increase the amount of money they have available for their retirement. The Government makes this payment into people's nominated superannuation fund upon lodgement of their tax return, and it does not need to be repaid. This helps offset some of the costs associated with having lower salaries and may help boost retirement savings for many Australians.
Essential Questions and Answers on Low Income Super Contribution in "BUSINESS»FIRMS"
What is the Low Income Super Contribution (LISC)?
The Low Income Superannuation Contribution (LISC) is a government program designed to provide additional superannuation contributions to people on lower incomes. It provides a contribution of up to $500 per financial year for employees who earn less than $37,000 a year before tax.
How much can I get from the LISC?
You can get up to $500 per financial year if your income is below $37,000 a year before tax.
What happens if my total annual income exceeds $37,000?
If your annual income exceeds $37,000 before tax, you will not be eligible for the LISC.
When will I receive the contribution?
The contribution will generally be paid into your nominated super fund within 28 days of lodging your tax return or update with the Australian Taxation Office (ATO).
How do I apply for the LISC?
To apply for the LISC you need to lodge an online or paper tax return or update with the ATO by 30 June each financial year.
Is there an age restriction on claiming the LISC?
No, there is no age restriction on making a claim for the LISC.
Final Words:
The Low Income Super Contribution is an important initiative which helps low-income earners save for their retirement more easily by reducing their out-of-pocket expenses associated with setting aside money in a superannuation fund each year. By providing an annual contribution up to $500 per person, it reduces reliance on government welfare payments in later life and can help reduce inequality between low- and higher-income workers regarding how much money they will have saved when it comes time to retire.
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