Repeal of the Low Income Super Contribution

Recent focus on the budget has seen the Federal Government reconfirm its plans to repeal the Low Income Super Contribution.

The removal of the Low Income Super Contribution (LISC) will impact one third of working Australians. Currently, the LISC provides up to $500 for workers earning up to $37,000 per year, acting as a rebate for the compulsory tax on their super contributions. The repeal of the LISC will remove this 'rebate' and effectively mean that this group of workers will be taxed more on their superannuation contributions than on their take home pay. It will also mean that they will be the only group of working Australians who will not receive a tax concession on their super contributions.

To find out more, please visit keepsuperfair.com.au

Recent focus on the budget has seen the Federal Government reconfirm its plans to repeal the Low Income Super Contribution.

The removal of the Low Income Super Contribution (LISC) will impact one third of working Australians. Currently, the LISC provides up to $500 for workers earning up to $37,000 per year, acting as a rebate for the compulsory tax on their super contributions. The repeal of the LISC will remove this 'rebate' and effectively mean that this group of workers will be taxed more on their superannuation contributions than on their take home pay. It will also mean that they will be the only group of working Australians who will not receive a tax concession on their super contributions.

To find out more, please visit keepsuperfair.com.au