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 Libs Crank Up Heat on ALP Tax Credit Refunds
Charles
 Posted: Mar 20 2018, 01:10 PM
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Liberals crank up heat on tax credit refunds with data on those hardest hit

EXCLUSIVE, Sarah Martin, Federal Political Editor | The West Australian
Tuesday, 20 March 2018 2:00AM


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The Federal Government will release figures today showing more than half of the 100,000 West Australians set to lose money under Labor’s new tax policy are on taxable incomes of less than $18,200, as the major parties continue to spar over who will be hardest hit by the crackdown.

Finance Minister Mathias Cormann will release the breakdown of income data for those affected in WA as he heats up the campaign against Opposition Leader Bill Shorten’s move to end tax credit refunds for share investors.

Nationally, more than a million people are expected to be affected, including 21,000 full or part-pensioners in WA among the 100,000 individuals across the State set to lose money.

Just over 50 per cent of individuals claiming the tax credit refunds from the Australian Taxation Office in WA are on a taxable income of less than $18,200, with about 32 per cent on a taxable income of between $18,201 and $37,000.

However, taxable income is not necessarily reflective of an individual’s wealth, with retirees able to hold substantial assets and still be receiving an income that is not taxable, such as payments from their superannuation fund.
The new policy will cap cash refunds for shareholders who claim tax credits on dividends.

The figures also reveal there are almost 20,000 self-managed super funds in WA getting franking credit refunds in WA, about 10 per cent of the 201,000 self-managed funds nationally. Senator Cormann said Labor’s policy was clawing back money that “does not belong to the Government” and accused Mr Shorten of using technical language to confuse voters.

Labor has been buoyed by the policy failing to dent the party’s fortunes at the weekend’s Batman by-election in Melbourne, won by former ACTU president Ged Kearney.

Frontbencher Anthony Albanese indicated the party would stand firm on the proposal, despite modelling from Industry Super released yesterday showing 350,000 retirees could escape the policy if a $1000 cap on payments was applied.

“We've been quite up-front about the fact that it is simply unsustainable to the Budget that you have more money going in terms of payments to people who haven’t actually paid any personal income tax,” he said.


https://thewest.com.au/politics/federal-politics/liberals-crank-up-heat-on-tax-credit-refunds-with-data-on-those-hardest-hit-ng-b88779134z

The ALP needs to find funds to support their promise to Catholic Schools. http://fairdinkumnewschat.b1.jcink.com/uploads/fairdinkumnewschat/lbill.gif

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charka
 Posted: Mar 20 2018, 02:00 PM
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Thievery through legislation why save

This post has been edited by charka: Mar 20 2018, 08:58 PM
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Bill
 Posted: Mar 20 2018, 03:08 PM
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Get the bad news out first and work out how to spend the $20 Billion 'war chest' over the forward estimates that Labor has created for itself.

The policy appears to be working on the young who are pissed off with generational inequality and see the current scheme as a rort for rich 'baby boomers'.

You have to remember that there are another 600,000 young first time voters lining up in 2019. That's 4,000/electorate or 4% of the vote. Is it any wonder that Curly is going after them. http://fairdinkumnewschat.com/biggrin.gif

Election not until next year unless someone rolls Turnbull before then. People won't remember the cuts, and it's likely that pensioners along with Newstart recipients will get a boost to their payments as a bonus.

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scepo
 Posted: Mar 20 2018, 03:23 PM
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You have to remember that there are another 600,000 young first time voters lining up in 2019. That's 4,000/electorate or 4% of the vote. Is it any wonder that Curly is going after them.


You remind us of the exact same thing every election Bill.

And of course it is correct, as each election comes around there will always be a crop of first time voters. http://fairdinkumnewschat.b1.jcink.com/uploads/fairdinkumnewschat/smiley_don_t_know.gif

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charka
 Posted: Mar 20 2018, 03:38 PM
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the baby boomers have paid tax
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Jonno
 Posted: Mar 20 2018, 05:06 PM
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When living in a dictatorship with the most corrupt politicians and 'legal eagles', the highest income taxes, the highest infrastructure taxes and costs, the highest fuel and other commodities prices and taxes, a welfare sytem which bows to illegal 'refugees and bludgers' instead of more deserved , honest citizens who cannot retire until 70 years old and every opportuniy to work hard, save money due to almost non-existant manufacturing and ability to buy 100% local produce has been allowed to be given to Asia and third-world countries, it is to be expected that Australia's governing traiterous regimes take all, give nothing, dictate that Aussies put up and shut up, all the while being expected to'cop it sweet' has created poverty and a 'sick" Australia.

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lee
 Posted: Mar 20 2018, 05:51 PM
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Get the bad news out first and work out how to spend the $20 Billion 'war chest' over the forward estimates that Labor has created for itself.


"New modelling reveals the scope to adjust the Labor plan so it spares hundreds of thousands of taxpayers who stand to lose cash refunds from the Australian Taxation Office to cover the franking credits on their dividend income.

The analysis shows that 350,000 retirees would escape the revenue hike if Labor adjusted its plan to put a $1,000 cap on the cash refunds rather than cancelling them entirely.

The findings, prepared by former Treasury officials for Industry Super Australia, will be put to the ISA board today in a discussion about the impact of the policy on their eight million super fund members."

https://www.smh.com.au/politics/federal/bill-shorten-emboldened-as-scope-emerges-to-soften-labor-59-billion-revenue-grab-20180318-p4z4yz.html

Less than a week old and they have had to come up with new modelling.

That suggests policy on the run; not looking at good/bad policy ideas.

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