Low-Income Superannuation Concession
I rise today in what I have recently termed 'the chamber of ironies'. Today we have been debating a piece of legislation that would see us take money from families through the schoolkids bonus and low-income support concessions to give money to millionaires. The legislation which has been before us is outrageous.
I have been inundated with emails from local constituents about the low-income superannuation concession. To read from one of those:
The LISC provides more than 3.6 million working Australians earning less than $37,000 per annum with a rebate of the tax paid on their superannuation contributions. This is worth up to $500 which is paid into their superannuation accounts. If the LISC is withdrawn, these workers will receive no tax breaks on their contributions. They will be the only group of working Australians not to receive a tax break on their superannuation contributions. In fact, under the changes proposed, these workers will pay more tax on their superannuation contributions than if the money were part of their take-home pay. It is surely unfair that while the highest paid workers receive a tax concession of 30 per cent, the lowest paid would be penalised for saving for their retirement. On behalf of the 3.6 million Australians who will be affected, I ask you sincerely to block this law.
from my electorate.
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