Monday, 3rd December 2018
MacDonald Slams Labor Pensioner Cash Grab
The Australian Government has vowed to protect the hard-earned savings of more than 160,000 Queenslanders who are in danger of losing their life earnings under Labor’s Retiree Tax.
Currently, most retirees who receive share dividends get a refund on the tax companies have already paid on their behalf, which is to ensure the overall tax on dividend lines up with people’s personal tax rates.
However, under the retiree levy, Labor is planning to axe tax refunds on dividends. This means that Labor would take more tax and Queensland pensioners would lose an average of $2200 a year on tax refunds.
New analysis released by the Coalition Government has revealed that a total of over $3.6 billion will be ripped from the pockets of Queensland retirees over the next 10 years as a result of the tax.
Northern-based Queensland Senator Ian Macdonald said many Queensland retirees face losing a large chunk of their nest eggs.
“Many Queensland pensioners have worked tirelessly over the years to plan a comfortable retirement and for the Labor Party to even consider introducing this tax is nothing more than a disgraceful cash grab,” Senator Macdonald said.
“I know that many Queensland retirees will be panicking at the news of this tax, wondering how they will possibly be able to provide for themselves if this tax is given the green light.”
Data released by the Australian Taxation Office confirmed that more than 900,000 Australians, 200,000 self-managed super funds and 2,000 super funds will be hit by Labor’s retiree tax.
“Labor’s tax presents a huge danger to our retirees who deserve to be rewarded for their hard work and enjoy a relaxed, happy and contented retirement,” Senator Macdonald said.
“The Coalition Government believes in giving back to our retirees, not taking from them.”