NAB urges simplifying advice tax deductibility rules
National Australia Bank (NAB) has called for a simplification of the rules around receiving a tax deduction for obtaining financial advice as one of its recommendations around dealing with economic security for women in retirement.
In a submission filed with the Senate Standing Committee on Economics this week, NAB made a series of recommendations which also included lifetime concessional contribution caps for superannuation and the retention of the Low Income Superannuation Contribution (LISC).
The big banking group has also recommended including superannuation in paid parental leave (PPL) payments and the delivery of tax incentives to employers to engage older workers, such as payroll tax deductions.
The submission also argues that financial institutions should be encouraged to provide information and engagement frameworks which are targeted towards women.
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