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."
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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