The Financial Services Council (FSC) has sought to give the Federal Government a means of maintaining the Low Income Superannuation Contribution (LISC) by having payments “paused” in much the same way as the increase in the superannuation guarantee.
Releasing its pre-Budget submission today, the FSC has also joined with other financial services organisations including the Financial Planning Association (FPA) and the Institute of Public Accountants (IPA) in calling for the tax deductibility of financial advice.
However it is the FSC’s approach to the LISC, largely dumped by the Government as it seeks to bring its Budget back into the black, which represents one of the most surprising elements of the organisation’s approach.
The FSC submission essentially calls for the LISC to be retained but payments paused for two years in line with the delay in the superannuation guarantee.
The submission also suggests increasing the superannuation access point to age 62 in a pre-Budget submission which acknowledges the Government’s desire to achieve fiscal sustainability.
The submission also calls for the publishing of a further Treasury Intergenerational Report this year.
