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:
"This rebate would also remove the need for the extra tax on those earning more than $300,000," the submission said.
If female school or university students volunteer for work experience in finance, organisations have a “duty” to offer it to them, according to a senior funds management executive.
New research from Aware Super on the occasion of Equal Pay Day reveals Australia’s 13 per cent gender pay gap will equate to a $93,000 deficit in women’s super balances compared to men at retirement.
With only 25% of women currently using a financial adviser and many lacking financial confidence, they are losing thousands in superannuation.
The significant difference in women’s average superannuation account balances, compared to their male counterparts, continues to concern industry professionals.
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