this policy was simply to hit SMSF sector and advantage the industry funds who are effectively run by the unions mates . You could 5 m with an industry fund and not be impacted but the same in a SMSF could see you lose 10s of thousands . You could have 600k in a wrap pension and be impacted and a million in an industry fund and not be. It would have also hurt, LICs. How can a tax be fair when it hits people with lesser funds. How can you get rid of a tax refund the aids retirees . How is fair that some people are effectively forced to pay corporate tax at retirement which is what eliminating refunds would mean I have never been so happy to see an election result as much as I was with this one . Hopefully this will allow the labor party to move away from the hard left. They used to be a party of ideas in the Hawke /Keating days , now they are a radical Socialist party with a morally bankrupt ideology on so many fronts. “ Gender commission “ what the hell was that going to be How funny is the admission that the franking policy would have negatively impacted the average retiree 24hrs after the election . I hope their failure is pointed squarely at Chris Bowen - the architect of these failed policies.
