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Super bodies welcome Palmer’s LISC support
The Australian Institute of Superannuation Trustees (AIST) and Women in Super (WIS) are pleased the Palmer United Party (PUP) is supporting the retention of the Low Income Superannuation Contribution (LISC) scheme.
The super bodies had written a letter to Palmer last month urging him to support the scheme due to its benefits to low income earners.
More than 30 voices from the super industry, business, academia, women’s organisations and policy and community groups voiced their opinion in the letter.
Now, in what could be a setback to the Abbott government’s budget recovery measures, Clive Palmer announced his party supported the repeal of the mining tax but would vote down additional savings measures such as the LISC.
The AIST and WIS said the senators in the PUP would be supporting 3.6 million working Australians receive the scheme.
“The PUP senators have recognised that the LISC is good policy,” AIST deputy president and chair of WIS Cate Wood said.
“It is neither a benefit payment nor a handout but a method of refunding a low income earner for the 15 per cent contributions tax they pay on their compulsory super by up to $500 a year.”
The LISC gives workers who earn $37,000 a year or less a rebate of up to $500 on tax paid on super contributions.
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