Labor to hit self funded retirees.

[Bobby]

Labor's franking policy may force retirees to move money overseas.

https://www.afr.com/news/politics/labor ... 129-h1alle


By Mark Ludlow and Luke Housego
Updated 29 Jan 2019 — 8:19 PM, first published at 6:37 PM

Self-funded retirees will be forced to invest their money overseas or move on to the pension under Labor's franking credit changes, a parliamentary inquiry in Townsville heard on Tuesday.

While Labor Leader Bill Shorten and shadow treasurer Chris Bowen stand by their plans to scrap cash refunds of franking credits, dozens of retirees said they would be significantly worse off if the policy is introduced.

The hearing in Queensland, which has one of the biggest proportions of self-funded retirees in the country, was told some retirees would have to give up discretionary spending if the policy was introduced or move the money to riskier investments overseas to make up the difference.


"Changing the rules after the game has started is unfair. The only group adversely affected by this is self-funded retirees," Townsville resident Greg Maloney told the committee.

Mr Maloney told the committee
self-funded retirees would lose between 20 per cent and 40 per cent of their annual income
if they were not refunded excess franking credits on their share portfolios.

Townsville accountant Carl Valentine from PVW Partners said Labor's proposal on franking credits would have a huge impact on self-funded retirees and could force them into looking at alternative investment strategies such as property, fixed income or potentially riskier overseas shares to make up the shortfall.

While Labor says the policy will most affect wealthier people, Mr Valentine says the biggest group who will be hit by the tax change will be self-funded retirees with a nest egg below the $1.6 million transfer balance cap.

"It's fair to say there will be some wealthy people impacted, but the bigger group of people affected are those who have scrapped and saved their whole life. It does seem inequitable that a policy that has been in place for 20 years is going to be changed," he said..

[Bobby]

These people have already been denied the pension that they worked hard for and
now Bill wants to steal their retirement money too.

I call it unconstitutional theft.

[Black Orchid]

It is theft. People who save for their retirement so that they are not a burden on the economy should not be penalised for it.

Idiot Bill will lose a huge voter base through his stupidity.

[Bobby]

It is theft. People who save for their retirement so that they are not a burden on the economy should not be penalised for it.

Idiot Bill will lose a huge voter base through his stupidity.

Bill knows that those who won't vote for this were never Labor voters anyway.
He'll get away with it unless a constitutional challenge can be made.
It's communism in its purest form.
I know many people who are very upset about it.

[sprintcyclist]

I have an ethical objection to Bills idea here.

People that own shares are owners of that company .
A dividend is their portion of the profit of that company.
They should pay tax on that money accordingly.
Tax had already been paid on that money at the company tax rate.
The same money should not be taxed twice.

That is the basis of franked dividends

[Bobby]

I have an ethical objection to Bills idea here.

People that own shares are owners of that company .
A dividend is their portion of the profit of that company.
They should pay tax on that money accordingly.
Tax had already been paid on that money at the company tax rate.
The same money should not be taxed twice.

That is the basis of franked dividends

Bill has stuffed up big time.
There is a huge difference between Labor and Liberal this time -
they are no longer the same party of the one party state.

[Bobby]

How are pensioners treated in Australia -
see this graph:

https://gab.com/media/image/bq-5c52ede39905b.jpeg

[The Mechanic]

How are pensioners treated in Australia -
see this graph:

https://gab.com/media/image/bq-5c52ede39905b.jpeg

if they vote labor/green they deserve everything they get... or don't get in this case...

the Labor/Greens party are thieves..

they are economically retarded...

and when they BLOW the Budget on wasteful useless shit.... they try and tax their way out of it...

all of their sneaky plans now to tax everyone they can is because they already know that all of their election giveaways are unfunded...

..................

Take a look at the Liberal Party right now and have a look at Australia's economic fortunes ...

Australia is ticking along nicely and we are about to get the Budget back into Surplice for the first time since John Howards Government...

Why would you change now???

John Howard and Costello were running a great Government but Australians changed the Howard government because they thought that he'd been in for long enough???

How bloody stupid can you get???

Since then its been a disaster... Labor splash cash everywhere but then when the Liberals come back into power and try and balance the budget they get howled down for cutting and slashing..

NO... thats just bullshit... they are just trying to get the budget back into balance after the Labor/Greens Party spent money WE DID NOT HAVE..

ffs... Stop kicking our debt down the road to our grand children ... you should be ashamed of yourselves...

[Bobby]

Hi Mechanic,
it looks like under Labor we're in for a huge rise in taxes.

Nothing we can do about it - they'll get in according to the polls.
You money will be safer under the mattress.

[cods]

I am the last person to get involved in TAX policies it all goes over my head...

but what concerns me is..

superfunds were in fact FORCED ON US.....still are as far as I know...

what you do with your super savings is more or less up to you....but whatever that may be IT IS AND ALWAYS WILL BE A RISK...
that you when you retire have been FORCED TO TAKE.....living with RISK is not for the faint hearted I would think....

on top of that the GOVT can change the rules willy nilly to suit them of course......with complete disregard for the rules.... ONE SIZE DOES NOT FIT ALL......

ie!
Mr Maloney told the committee
self-funded retirees would lose between 20 per cent and 40 per cent of their annual income
if they were not refunded excess franking credits on their share portfolios.

that is a big difference and a lot of people.....will suddenly have to change their way of life..

will B ILL mind giving up a massive portion of his PAY....due to the unfairness of a leader getting about 300% more than the average worker?...


this will impact on people who should not have this burden dropped on them out of the blue....



by Bobby » Fri Feb 01, 2019 7:12 am

Hi Mechanic,
it looks like under Labor we're in for a huge rise in taxes.

Nothing we can do about it - they'll get in according to the polls.
You money will be safer under the mattress.


you can vote against them on principle bobby...... as morrison said Labor are so full of themselves arrogant is another word.

they give these people the BIG FINGER with impunity.......imagine what they will be like once in..