Labor to axe cash refunds for wealthy investors, page-207

Hi Baxter

"Good grief....Workers will lose at least 15% in their super fund earnings , money which they put aside for their retirement"

It does nothing of the sort. Whilst in accumulation phase, you are paying tax on earnings at 15% and paying 15% tax on your contributions. The 30% franking credits will still be received and offset against the tax payable.

When you go in pension phase, you will be earning exempt income. and by definition, if you earn exempt income you cannot receive any credits.

"The idea should be to get more people off the old age pension and be self sufficient instead of draining worker salaries by taxation,"

And just what do you think receiving franking credits on exempt income is? It is paid out of government coffers. It is welfare. So please think before you post rubbish.
it is no better than receiving the pension. The difference is that if you want a pension, you are means tested and treated like scum. With franking credits, the bigger your super fund the bigger the "pension cheque" the government pays you.


Pear