Palmer urged to support LISC
Some of the most prominent voices in the superannuation space have called on Clive Palmer to back the continuation of the low income super contribution (LISC) scheme.
More than 30 industry voices, including Women in Super national Chair Cate Wood and the Australian Institute of Superannuation Trustees’ CEO Tom Garcia, wrote a letter to the Palmer United Party (PUP) leader to stress the importance of the scheme, which they said was relied on by many of the cohorts that made up the PUP faithful.
The measure gives workers who earn $37,000 a year or less a rebate of up to $500 on tax paid on super contributions.
It is reportedly received by around three million Australians.
“It is surely unfair that while the highest paid workers receive a tax concession of 30 per cent, the lowest-paid would be penalised for saving for their retirement,” the letter reads.
“Funding of LISC should be prioritised, as it benefits a third of the Australian workforce and is a crucial policy initiative in working to close the gap in retirement savings between men and women.”
The signatories asked Palmer to only back the MRRT repeal if the funding of the LISC was detached from it.
Organiser of the letter, National Chair of Women in Super, Cate Wood, said the LISC was a crucial restorer of equity in the superannuation system.
The LISC is particularly beneficial to low-income earning women, particularly as women are more likely to live longer and therefore require higher retirement balances, she said.
Recommended for you
The super fund has launched Retirement Manager, a digital advice tool helping members plan income, spending, and retirement confidence with integrated support.
APRA has warned retail super trustees that financial adviser involvement in recommending platform products does not diminish their obligations, as regulators turned the spotlight on the Shield Master Fund and First Guardian Master Fund during a meeting with fund CEOs.
AMP’s chief economist has unveiled a wish list for the Australian government’s Economic Reform Roundtable.
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
