I agree that the proposal makes distortions between taxpayers...

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mossric

23 Posts.

01/05/19

16:34

Post #: 38357547
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Originally posted by Jason.ctpics: ↑

How fair is it when someone working and paid tax can get the franking credit to reduce the tax payable in the form of a tax rebate.

When a retiree who paid tax when working, sacrifice the early enjoyment of earnings and saved and invest for times of retirement and now, no longer be able to work will be worst off, under ALP changes to the tax so that the same investments derive less income when you are unable to work.

The same investments that someone who is fortunate to be working are able to receive 3/7 in tax rebate.

If you save your superannuation in an industry fund you are getting a rebate indirectly through your industry super fund.
But if you save your superannuation in other funds, SMSF or trusts, or other savings in share investments apart from Industry Super Fund, then you lose.

This is blatant discrimination against anybody investing that don't support the union run funds.

An abuse of the government office power to support unions because ALP received donations from Unions and union run Super funds.
The Industry Super funds pay union officials who able to obtain multiple pay cheques because they are the few dominant mates that can ensure fat pay are paid from members contributions. If they think that they are able secretly use the credit cards without being caught their greed will go further.

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I agree that the proposal makes distortions between taxpayers that add complication when the goal should be to make it simpler. It should be noted though that many retail funds also have members in the accumulation phase so can get the full franking credit by pooling etc

Either way its nuts
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