Pitt, Shorten exchange barbs over tax policy changes
HINKLER'S pensioners have been reassured by Opposition Leader Bill Shorten they won't be affected under proposed changes to tax policy under a Labor Federal Government.
It follows Hinkler MP Keith Pitt and Mr Shorten exchanging barbs over Federal Labor's $59 billion dividend imputation policy.
Under the policy, shareholders will still get the tax imputation to reduce their tax liability, but cash refunds will no longer be given to people whose taxable income is zero.
The proposal has drawn criticism from the Federal Government as a "cruel slug" on seniors.
Mr Pitt has called it "a tax grab" that will "leave pensioners and retirees worse off."
"Bill Shorten wants to have your cake and eat it too," Mr Pitt said.
"He claims no one will lose a cent from their share dividends, yet more than 1800 pensioners and more than 7100 taxpayers in Hinkler will lose their tax refunds of their franking credits under Labor's tax grab.
"More than half of all refunded franking credits are paid to individuals who earn less than the $18,200 tax free threshold - including pensioners and self-funded retirees."
But Mr Shorten reassured pensioners across Wide Bay that Labor would always look after them.
He said the raft of ALP policies would address living cost pressures.
"I know the aged pension is not a king's ransom, it's a modest sum," Mr Shorten said.
"I know the LNP have been making a lot of wild claims about Labor's plans to close an obscure tax loophole that 92 per cent of taxpayers don't use and have probably never heard of.
"Under Labor's plan, no Australian will lose a cent from their super contributions, no one will lose a cent from their pension and no one will lose a cent from their share dividends.