Senate Committee supports abolition of LISC | Money Management
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Industry Super Australia (ISA) has lamented a decision by a Senate Economics Committee to support jp morgan retirement abolishing the Low Income Superannuation Contribution (LISC) jp morgan retirement as part of the repeal of the Mineral Resources Rent Tax (MRRT).
Commenting on the committee decision, ISA chief executive, David Whiteley described the decision as "disappointing" and suggested that it was still possible a way could be found to retain the low income scheme.
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 jp morgan retirement of the LISC impacts up to 2 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 jp morgan retirement 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 jp morgan retirement to achieve this outcome."
To view the available quizzes you must be logged in . New user? Register here . Read more about: financial planning , David Whiteley , Low Income Superannuation Contribution , Mineral Resources Rent Tax , Industry Super Australia Previous Next Related articles
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Money Management provides accurate, informative jp morgan retirement and insightful editorial coverage of the Australian financial jp morgan retirement services market, covering jp morgan retirement topics such as taxation, managed funds, property investments, shares, risk insurance, master trusts, superannuation and SMSFs, margin lending, financial planning and advice, portfolio construction jp morgan retirement and investment jp morgan retirement strategies.
Home News FOFA Insurance Accounting Appointments Investment Management Financial Planning Superannuation Profit and Losses Taxation Professional Development Toolbox Register for CPD Points SMSF Essentials 2012 Asset Allocation Money Management TV Analysis Top 100 Dealer Groups Fund Manager of the Year Adviser Choice Risk Awards Boutique Fund Managers Tools and Guides Research Review Rate the Raters Salary Survey Careers News Client Stories Planner Profiles Career Development Jobs Subscribe Events Money Management for iPad Super Review Super Review for iPad SMSF Essentials SMSF Essentials for iPad Women in Financial Services
Industry Super Australia (ISA) has lamented a decision by a Senate Economics Committee to support jp morgan retirement abolishing the Low Income Superannuation Contribution (LISC) jp morgan retirement as part of the repeal of the Mineral Resources Rent Tax (MRRT).
Commenting on the committee decision, ISA chief executive, David Whiteley described the decision as "disappointing" and suggested that it was still possible a way could be found to retain the low income scheme.
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 jp morgan retirement of the LISC impacts up to 2 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 jp morgan retirement 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 jp morgan retirement to achieve this outcome."
To view the available quizzes you must be logged in . New user? Register here . Read more about: financial planning , David Whiteley , Low Income Superannuation Contribution , Mineral Resources Rent Tax , Industry Super Australia Previous Next Related articles
Latest Jobs Case Manager
Money Management provides accurate, informative jp morgan retirement and insightful editorial coverage of the Australian financial jp morgan retirement services market, covering jp morgan retirement topics such as taxation, managed funds, property investments, shares, risk insurance, master trusts, superannuation and SMSFs, margin lending, financial planning and advice, portfolio construction jp morgan retirement and investment jp morgan retirement strategies.
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