STOP SHORTEN'S RETIREE TAX
Bill Shorten's new retirement tax will deprive you of up to a quarter of your Superannuation savings, according to modelling from the Australian National University.
Make no mistake, the Labor plan to abolish franking credits for retirees is set to hit Australians where it hurts the most- at the end of their working lives.
Aussie retirees rely on franking credits to support themselves in their retirement.
Taxpayers rely on our system to relieve stress from public pensions.
Aussie businesses also depend on franking credits – they are crucial for ensuring investment in our country’s economy.
The changes will:
Ø Tax retirees with a $100,000 balance up to 23% of their Super balance.
Ø Tax retirees with a $200,000 balance up to 18% of their Super balance.
Ø Tax retirees with a $300,000 balance up to 17% of their Super balance.
Ø Tax retirees with a $1.6 million balance up to over a quarter of their Super balance.
Ø Deprive Australian businesses of billions of dollars in investment, resulting in job losses and hurting consumers, while driving investment to foreign companies.
These changes are a shameless cash grab from those of us who work hard to save for our retirement.
It’s time to ACT NOW to stop Labor's retiree tax.
Sign our petition below.
|We, the undersigned, are concerned about the Shorten Labor opposition plan to scrap access to franking credits for Australian retirees.
Australians work hard to save for their own retirement at a time when the public pension system is coming under increasing stress, a bill that is ultimately footed by taxpayers.
Franking credits assist working Australians by allowing us to keep more of what we earn. The government should be rewarding those who save for our own retirement, not punishing them.
The Australian National University found that stripping access to franking credits from retirees will deprive them of an 8-9% increase in their balance at retirement and could prevent increased consumption during retirement of a significant 5-6%.
Importantly, Australian firms rely on franking credits to Australian investors to ensure viable investment, access to capital and equity, ultimately driving jobs and growth in our economy. This is especially important given our whopping 30% company tax rate, one of the highest in the world. I am concerned that scrapping retiree’s access to these credits will harm domestic investment and hurt Aussie businesses, resulting in adverse impacts upon Australian workers and consumers. I find it peculiar that the Labor opposition is pushing for a change to the status quo which favours foreign companies over local business.
We oppose Bill Shorten’s damaging changes to our superannuation.