Labor’s Tax Refund Theft
“The Labor Party is planning to rip money from the pockets of pensioners, retirees and low-income earners to pay for its budget black hole,” the Member for Chisholm Julia Banks MP 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 double tax on company profits will hit more pensioners, retirees and low-income earners in Chisholm than any other group” Ms Banks said.
“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.”
“Bill Shorten and the Labor Party have a dealt a cruel blow to them with this plan. Labor is slugging older Australians to pay for its unsustainable spending spree.”
Ms Banks said “Share ownership is for everyone. Tax refunds from share dividends help relieve cost of living pressures for many retirees and people on low incomes. That is why the Turnbull Government is committed to keeping tax refunds for franking credits.”
“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.”
The Labor Party is planning to rip money from the pockets of pensioners, retirees and low-income earners.
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