Labor to axe cash refunds for wealthy investors, page-204

ALP won't release detailed costing

The Opposition said its policy had been costed by the independent Parliamentary Budget Office (PBO).
The ALP would not release the costing, but said the PBO found:

• The policy would save $11.4 billion in 2020-21 and 2021-22
• The plan would affect about 200,000 SMSFs
• Some SMSFs received cash refunds of up to $2.5 million in 2014-15
• Of credits refunded to SMSFs in 2014-15, half the benefits went to the top 10 per cent of funds (which all had balances exceeding $2.4 million)

Labor said charities and not-for-profit institutions, including universities, would be excluded from the change.
Labor Leader Bill Shorten will announce the policy today during a speech in Sydney, and will emphasise that those affected would not pay any additional tax.
The new system would start in July 2019.