Labor's Tax Plan Could Help

Labor's Tax Plan Could Help”

That was a boon to wealthier retirees, most of whom have their own super fund and pay little or no tax, and who receive the tax credits back from the Tax Office as cash.

Labor will also give all businesses an instant $20,000 asset write-off to encourage new investment, making the Government's tax break permanent.

In a speech on Tuesday morning Mr Shorten said, if you have accumulated $4 million in superannuation, congratulations, but I just don't believe you need help from other taxpayers to turn that into $8 million.

The imputations scheme was introduced under Paul Keating to make sure company profits weren't taxed twice - once with corporate tax, and again with personal income tax.

The Howard government introduced a measure in 2001 where shareholders could claim a cash refund from the Tax Office if the value of their tax credits exceeded their tax liabilities.

"Labor's announcement today confirms Bill Shorten will now hit Australians with more than $200 billion in higher taxes if they are elected", he said in a tweet on Tuesday.

Self-managed super funds are a major beneficiary of the scheme, with some investors who pay zero tax still getting cash refunds of as much as $2.5 million a year.

Federal treasurer Scott Morrison has called the proposal a $59 billion insult to pensioners, retirees and low-income earners.

"It is a 59 billion AUD tax hike, whatever way you look at this, this is an increase in tax, Labor can come forward with this proposal but they shouldn't try and dress it up as something it isn't", Cormann told Australian Broadcasting Corporation (ABC) radio.

Labor says Australia is the only developed country in the world with a fully refundable imputation credit scheme.

The policy would apply from July 1 next year under a Labor government and only affect future earnings from then on.

Shadow treasurer Chris Bowen says the changes have the approval of the original system's architect, Mr Keating.

"A small number of people will no longer receive a cash refund - but they will not be paying any additional tax", Mr Shorten said.

"It will however, cause some ructions in equity markets where tax refunds of excess imputation credits have been an important part of the investment matrix for equity investors, particularly self-managed superannuation funds", said Mr Deutsch.

"We're saying to Australian business "if you spend, we will reward you", he said.

"Under Labor's plan, anyone in retirement and living on their superannuation savings will now have every dollar of their income from dividends taxed at a rate of at least 30 per cent".

Investors can use the imputation to reduce the tax they pay on that dividend.

"Firstly, this change only affects a very small number of shareholders who now have no tax liability and use their imputation credits to receive a cash refund".

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