ISA proposes keeping LISC via PPLS adjustment
Industry Super Australia (ISA) has called on the Government to keep the Low Income-earners Super Contribution (LISC) via an adjustment to the Paid Parental Leave Scheme.
The ISA said today that it had outlined the approach in a submission to the Government, saying it would “involve an adjustment to the Paid Parental Leave Scheme and removal of the super co-contribution scheme”.
ISA chief executive David Whiteley said his organisation was urging the Government to work with the super industry and Parliament to gain bipartisan support to protect the LISC, and claimed ISA’s solution would head off a super tax increase for one in three working Australians.
He said that while the ISA recognised that the Government took a clear policy to scrap the Minerals Resource Rent Tax (MRRT) to the election, there was a moral imperative to ensure that all Australians received tax concessions on their super contributions.
“ISA believes that the Government and super industry should exhaust every possibility to find a solution. Where’s there’s a will, there’s a way,” Whiteley said.
“Retention of the LISC is necessary for the integrity of compulsory super. The reality is that until every Australian receives a tax concession on their super contributions, no other changes to the taxation of super will be accepted by the community at large,” he said.
Recommended for you
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
