“The Labor Party is planning to rip money from the pockets of 28,091 pensioners, retirees and low-income earners from the Northern Beaches to pay for its budget black hole,” the Member for Mackellar Jason Falinski said today.
Labor have announced they will abolish tax refunds for share dividends if elected. This means that if you receive the pension, are on a low-income or have a small self-managed superannuation account, you will no longer get a refund from the Tax Office for tax already paid on your shares.
“Labor’s policy hits older Australians particularly hard, as more than half of franking credit refunds were paid to individuals over the age of 65. These Australians have worked hard, taken responsibility and saved for their retirement.
“The Turnbull Government stands for fairness, opportunity and security. Our plan is to keep taxes as low as they can be, while guaranteeing the essentials to reduce cost of living pressures for Australians,” Mr Falinski said.
Pensioners like Ralph and Lillian Schubert will be worse off under Labor’s policy.
“We have worked all our lives and now, in our retirement, every dollar counts.” Mr Schubert said.