I rise to make Corangamite pensioners and self-funded retirees aware of Labor’s terrible plan to deny people on a low taxable income a tax refund from share dividends.
This would mean that, if you are on a low income or have a small self-managed super fund, you will no longer get a refund for tax already paid on your shares.
This would hurt more than half a million Australians on taxable incomes of less than $18,200, including many self-funded retirees and future pensioners.
This is a $10.7 billion tax slug, and it’s absolutely not fair. Of the $200 billion in new taxes that Labor has announced, the one that raises the most tax in the next four years is Labor’s retirees tax. That’s why we must never, ever allow Labor to get into office.
This means that Labor is going on a spending spree with money taken from the pockets of older Australians who’ve worked hard and saved hard and are now trying to be independent in retirement.
Tax refunds from share dividends are relied upon by many retirees in Corangamite and around the nation to help pay the bills.
Many of thousands of people in our community would be worse off under Labor’s proposed changes.
We all know that Labor cannot be trusted to manage the Australian economy, and let’s never forget: when Labor run out of money, they end up coming for yours.