POWERED BY MOMENTUM MEDIA
Provide rebate rather than retain LISC
Rice Warner has taken a different approach to recommendations for the retention of the Low Income Superannuation Contribution (LISC) benefit scheme to help women's retirement income.
The actuarial and consulting firm suggested an alternative flat tax rebate of 20 per cent concessional contributions made in the individual's tax return in its submission into the Senate Inquiry for the economic security for women in retirement.
"Effectively, concessional contributions would be added to assessable income for personal tax purposes. If the tax adjustment is made in the personal tax return, the contributions to the fund will not be assessable income for the fund," the submission said.
Rice Warner said the advantages were:
- Low income earners would benefit more than they do with LISC (at the expense of high income earners); and
- The employer contribution to superannuation will be an effective nine per cent and not 7.65 per cent (nine per cent less 15 per cent tax).
"This rebate would also remove the need for the extra tax on those earning more than $300,000," the submission said.
Recommended for you
Peri and menopause training founder and TV journalist Shelly Horton has hit back at calls for businesses to introduce menopause leave.
Former federal MP Julia Banks insists that all women can use their personal power to advocate a more inclusive workplace and support other women.
After a successful inaugural event last year, the Women in Finance Summit is returning in 2024 with more business insights and networking opportunities.
Super Review is now accepting nominations and submissions for the Women in Finance Awards, to be held in November 2024.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
