Low-Income Super Tax Offset
Low Income Super Tax Offset (LISTO)
Section Heading
Get up to $500 refunded on your concessional contributions to Super SA Select
If you’re a Super SA Select member earning $37,000 or less each financial year and have concessional (before-tax) contributions being paid to your account, you may be able to grow your super with a Low-Income Super Tax Offset (LISTO).
The LISTO sees the Commonwealth Government refund up to a maximum of $500 of the tax deducted on concessional contributions made to Super SA Select throughout the year.
These concessional contributions can include employer contributions and/or salary sacrifice.
With LISTO, you:
Keep growing your super
Get up to $500 refunded to you
Melissa works part-time as an Admin Officer in the SA public sector earning $25,000 a year.
Her employer contributes the 10% employer contribution of $2,500 into her Super SA Select account, resulting in a 15% contributions tax of $375.
Melissa has also decided to salary sacrifice 1% of her salary which is $250. The 15% contributions tax deducted is $37.50.
The total contributions tax deducted is $412.50 but LISTO offsets contributions tax up to $500.
Melissa won’t need to pay tax on her super contributions for the year.
This will help her accumulate more super over the long-term.
In summary:
|
Contribution type |
|
Contribution amount |
|
Tax deducted |
|
LISTO entitlement |
|
10% Employer Contribution |
|
$2,500.00 |
|
$375 |
|
$375 |
|
1% Salary Sacrifice |
|
$250.00 |
|
$37.50 |
|
$37.50 |
|
Total |
|
$2,750.00 |
|
$412 |
|
$412.50 |
Eligibility for the Low-Income Super Tax Offset (LISTO)
You should be eligible for LISTO if:
- Your adjusted taxable income is $37,000 or less a year
- You or your employer pay concessional (before tax) contributions for the year to a taxed super fund – this includes employer and salary sacrifice contributions
- You lodge a tax return and 10% or more of your total income comes from business and/or employment, or you don't lodge a tax return and 10% or more of your total income comes from your employment.
- You have not held a temporary resident visa at any time during the income year (note that New Zealand citizens in Australia are eligible for the payment).
Some frequently asked questions about the LISTO
-
How do I get my LISTO paymentAs a member of Super SA Select, you won’t need to do anything to get your LISTO payment.
Based on your tax return and contribution information reported by Super SA, the ATO will decide if you’re eligible. If you are, your LISTO payment will be paid into your account, automatically.
If you would like to learn more about before-tax contributions or the LISTO, contact our Member Services team.
Alternatively, sign up for one of our webinars/seminars for more information.
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What is a concessional contribution?A concessional contribution is the same as a before-tax contribution or pre-tax contribution.
Concessional contributions are taxed at 15% and can include:
- Employer contributions (eg the standard 10% contribution)
- Salary Sacrifice contributions
If you would like to learn more about before-tax contributions, employer contributions or salary sacrificing with Super SA, contact our Member Services team.
Alternatively, sign up for one of our webinars/seminars for more information.
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Can I get LISTO if I'm in the Triple S SchemeYour Triple S Scheme is a tax-deferred fund so you won’t be eligible to receive a LISTO payment in relation to the concessional contributions paid into Triple S.
Because the 15% contributions tax is not deducted from Triple S until you take your benefit there’s nothing for the ATO to refund.
If you would like to learn more about eligibility for the LISTO, contact our Member Services team.
Alternatively, sign up for one of our webinars/seminars for more information.