POWERED BY MOMENTUM MEDIA
Keep LISC by adjusting PPLS, says ISA
Industry Super Australia (ISA) has called on the Government to work with the super industry to keep the Low Income Super Contribution (LISC) and has canvassed doing so via an adjustment to the Paid Parental Leave Scheme.
The ISA said today that it had outlined the approach in a submission to the Government, saying it would "involve an adjustment to the Paid Parental Leave Scheme and removal of the super co-contribution scheme".
ISA chief executive David Whiteley said his organisation was urging the Government to work with the super industry and the Parliament to gain bipartisan support to protect the LISC, and claimed ISA's solution would head off a super tax increase for one in three working Australians.
He said that while the ISA recognised that the Government took a clear policy to scrap the Minerals Resource Rent Tax (MRRT) to the election, there was a moral imperative to ensure that all Australians received tax concessions on their super contributions.
"ISA believes that the Government and super industry should exhaust every possibility to find a solution. Where's there's a will, there's a way," Whiteley said.
"Retention of the LISC is necessary for the integrity of compulsory super. The reality is that until every Australian receives a tax concession on their super contributions, no other changes to the taxation of super will be accepted by the community at large," he said.
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
