LISC? What is it?
Australian workers who currently earn up to $37,000 per year get a tax rebate from the Federal Government’s Low Income Superannuation Contribution (LISC). Eligible workers receive up to $500, paid annually back into their super account, on the tax paid on their superannuation contributions. The LISC rebate was introduced to make superannuation tax concessions more equitable.
The Abbott Government is now proposing to abandon it.
Why should it remain?
Without the LISC, the lowest-paid 3.6 million working Australians would receive no tax break on their compulsory super contributions, while the highest-paid workers would continue to receive a tax break of 30 per cent. We think it’s unfair to penalise any working Australian for saving for their retirement – especially those who have the least capacity to save.
Who will it affect
Do you earn less than $37,000 per year?
Are you a part-time worker? Are you a working mum?
An apprentice? If so, you or someone you know could be affected if the LISC is abolished.
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