STOP LABOR’S ATTACK ON SELF-FUNDED RETIREES

IF Labor forms government following the forthcoming Federal Election, there are some 15,000 Corangamite Retiree Constituents who will be affected by Labor’s plan to remove cash payments for excess franking credits. Why you ask? Scrapping fully franked dividends is a sneaky attack on your full tax refund.

It will hit hundreds of thousands of Australians who’ve worked hard and sacrificed to be independent in retirement.

Labor has proposed it because they think you won’t fight back. This policy will:

UNFAIRLY target retirees who have worked hard and sacrificed for their retirement;

UNFAIRLY hit many people on low incomes, including hundreds of thousands of retirees who receive full tax refunds (97 per cent of people who receive these refunds having incomes below $87,000);

UNFAIRLY target retirees on low incomes who will now face double tax, while those on higher incomes will be able to reduce their tax bill by the full value of overpaid tax.

The impact of the retirement tax has not been thought through. It will directly harm my financial security and it should be abandoned.

And just last week, the Shadow Treasurer Chris Bowen, stated if retirees are unhappy at the loss of excess franking credits, they are free to vote for another party if that is how they feel. How insulting is that? Carol Walters, Anglesea