THE NATIONAL PARTY have sent letters to seniors in Eden-Monaro which are causing unnecessary distress.
These letters make the false claim that Labor has a ‘Retiree Tax’ policy which is part of the Liberal/National scare campaign against Labor’s reform to dividend imputation.
Labor’s reform will remove the unfair loophole where people receive a cash refund despite paying zero tax.
For example, under this loophole, someone with about $930,000 worth of Australian shares can receive about $46,000 in franked dividends tax-free, and then receive an additional $20,000 as a cash refund, despite paying no tax.
The loophole currently costs the community $6 billion annually, more than we spend on public schools. Failing to reform this loophole puts a greater tax burden on low and middle income working Australians.
Labor’s reform to dividend imputation is not a tax, and it is unconscionable that the National Party would send out a letter like this and cause anxiety amongst our senior citizens.
THURSDAY, 14 MARCH 2019
Authorised by Noah Carroll, ALP, Canberra.
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