Labor’s retiree tax a blatant cash grab

Wednesday, 6 February 2019

More than 5,500 retirees and low-income earners in Hinkler stand to lose thousands of dollars every year under Labor’s retiree tax.

Federal Member for Hinkler Keith Pitt said he has been contacted by concerned retirees, many who rely on tax refunds from share dividends to help pay the bills.

“Most people who would be affected are on modest incomes and many are worried about how they will pay their bills, like food, power, petrol and rates.

“These are people who have done the right thing, worked hard and planned for their retirement.

“On average individuals would lose $2,200 a year, but for many it will be much higher,” Mr Pitt said.

According to Australian Taxation Office data, more than 900,000 Australians, 200,000 self-managed super funds and 2,000 super funds would be hit by Labor’s Retiree Tax.

Currently, most retirees have paid tax on the shares that they own and they receive a refund on the tax the companies paid on their behalf.

“Labor’s retiree tax will abolish tax refunds on dividends, which means shareholders would be paying tax twice. I don’t know about you, but paying tax once is bad enough.

“This blatant cash-grab by Labor undermines the values of working hard and saving for your retirement, ripping over $45 billion out of retirement savings. Labor wants more of your money to spend where they want. The Coalition wants you to keep it.

“This is part of Labor’s plan for a $200 billion tax hammer on the economy in additional taxes to people’s homes, incomes, business and savings.

“In contrast, the Coalition Government will protect the hard earned savings of the people of Hinkler and all Australians.”

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