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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.
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