Bill shorten said "How can it be fair that a few people are able to get a tax refund when they pay no income tax. We will use our numbers in the senate to fix it."
Marvellous how the retiree/pensioner, investor will put their personal capital at risk when buying a fully franked share but under Bill's proposal the government will not put any money at risk but will collect the retiree's tax credits.
Any pollie who joined after 2004 receives 15.4% of their salary paid into super workers received currently 9.5%. (Before 2004 their Super entitlements are even more generous). Self Funded retirees fund their own super out of monies earned. This can be concessional with a 15% tax or non-concessional. Pollies super is subsidised by the taxpayer.
Apparently a six figured salary isn't enough they can claim travel allowances of $273 per night, while staying in their own tax -deductible second home, then if they were to sell that property it would be capital gains tax free. But wait ther's more!!!
What about their free business class domestic and overseas flights with family, there's electoral allowances of up to $46,000 per year, free car travel etc, etc, etc. and they all dip into it at the public's expense.
I would imagine most self funded retirees would have about 5k to 10k average worth of franking credits but the money saved, to the Australian Government, of these retirees not being financially dependent on society would far exceed their tax credits and lets face it most Self Funded retirees have worked a lot harder, sacrificed, risked and gone without to get themselves into a comfortable retirement unlike these hypocritical politicians who haven't, in a lot of cases, done a days work in their life! Sorry, for the rant, but last time the Libs, attacked Super, now Bill proposes these changes. If they are enacted, I feel a lot will just desert Personal Super and we know that's what the Big Union Funds want!!
Regards Twoup
