Funds ramp up action on LISC

The industry funds movement has grouped together to campaign for the reintroduction of the Low Income Superannuation Contribution (LISC) with the establishment of a website — keepsuperfair.com.au.

The existence of the website has been promoted by both Industry Super Australia (ISA) and the Australian Institute of Superannuation Trustees (AIST) along with Women in Super.

The website has been authorised by AIST president and chair of Women in Super, Cate Woods, and argues that Australian workers who currently earn up to $37,000 per year should get a tax rebate from the Federal Government's Low Income Superannuation Contribution.

"Eligible workers receive up to $500, paid annually back into their super account, on the tax paid on their superannuation contributions. The LISC rebate was introduced to make superannuation tax concessions more equitable," the website says, adding that "the Abbott Government is now proposing to abandon it".

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The site urges visits to petition the Government to retain the LISC, pointing out that without the measure, the lowest-paid 3.6 million working Australians would receive no tax break on their compulsory super contributions, while the highest-paid workers would continue to receive a tax break of 30 per cent.

"We think it's unfair to penalise any working Australian for saving for their retirement — especially those who have the least capacity to save," it states.