The House of Representatives Economics Committee Inquiry into the implications of removing refundable franking credits will hold a public hearing 9.30am Friday 30 November at Dee Why RSL.
The Inquiry will hear public submissions and submissions from Wilson Asset Management, Committee member Jason Falinski said.
“In the beaches more than 28,000 people will have their hard earned savings raided by Labor through its retiree tax.
“Friday is their chance to make their voices heard and tell Labor that it is not their money to take,” Mr Falinski said.
“Of those adversely impacted, on average, individuals lose $2,200 a year and self-managed super funds lose $12,000 a year. For many, the losses will be much higher.
“This is a disgraceful cash-grab by Labor from those who have done the right thing, grown their nest egg and planned to provide for their own retirement.”
According to Australian Taxation Office data, more than 900,000 Australians, 200,000 self-managed super funds and 2,000 super funds will be hit by Labor’s tax.
“Like all Australians, the people of the beaches deserve a Government that encourages personal responsibility, rewards hard work and allows them to keep more of what they earn.
“Labor’s retiree tax will rip over $45 billion out of retirement savings. This is part of Labor’s plan for more than $200 billion in additional taxes to people’s homes, incomes, business and savings, Mr Falinski said.