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ISA vows to fight on for LISC
Industry Super Australia (ISA) has vowed to keep working with the Government and other parties to secure a continuation of the Low Income Superannuation Contribution.
The ISA's vow has come despite a decision by a Senate Economics Committee to support abolishing the LISC as part of the repeal of the Minerals Resource Rent Tax (MRRT).
Commenting on the committee decision, ISA chief executive David Whiteley described the decision as "disappointing" and suggested it was still possible a way could be found to retain the low income scheme.
"Where there's a will there's a way," he said. "The superannuation and financial planning industries were unanimous in their view to the Senate Economics Committee that the LISC should be retained."
Whiteley said that submissions made during the committee hearings had suggested that the LISC or equivalent tax benefits for low-income earners could be retained without impacting on the Government's Budget objectives.
"The proposed abolition of the LISC impacts up to two million low paid Industry Super Fund members by increasing the tax they pay on their super contributions — so that they are the only Australians who are denied a tax benefit for contributing to super," he said. "ISA will continue to explore alternative options to find a means to fund the retention of this important measure and would urge the Government to work with the industry to achieve this outcome."
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