LABOR PROPOSAL ‘A MISTAKE AND UNFAIR’
THIS is “totally unfair”.
That’s the verdict from Gold Coast retirees in the wake of Bill Shorten’s proposed tax reform to remove imputation dividend refunds.
Robina National Seniors Association chairman John Worrall said the proposed cuts could have a crippling effect on Gold Coast retirees who have self-managed supers and investments.
“It’s a mistake and is unfair,” the 67-year-old retiree said.
“Companies pay tax on their profits in the first place. It’s not fair the people that invest in the companies have to pay tax again.”
Mr Worrall and his wife Lyn have been retired for nine years, receiving a monthly selffunded superannuation income of $7000 a month.
Until recently, the Varsity Lakes couple had invested a sum of their savings on the stockmarket but decided to sell up and move their savings into superannuation.
Mr Worrall, who is the zone chairman of five National Seniors Association branches on the Coast, said a large number of his members would be upset by the proposed reforms.
“There are more than 400 members in our organisation and a lot of them have investments.,” he said. “Lots of them stand to lose out on this.”