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LISC payment disclosure should be separate
The Australian Institute of Superannuation Trustees (AIST) has come out against the Government's plan to combine the disclosure of the low income superannuation contribution (LISC) payment with other super concessional payments.
The AIST has argued the estimated 3.2 million Australians who get the LISC should be able to see the full details of the payment on their super statements.
"Separate disclosure of the LISC not only improves member engagement with super, but it will provide consumers with a greater understanding of the value of the scheme," AIST executive manager, policy and research David Haynes said.
Haynes said many do not know they get $500 a year as part of their LISC.
The LISC will stay in place until 30 June 2017.
"AIST continues to fight for the survival of the LISC, arguing it is a much needed equity measure in the super system that corrects a tax anomaly whereby low income earners effectively pay tax at a higher rate on their super than their take home pay," AIST said in a statement.
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