15 March 2018
The Labor Party is planning to rip money from the pockets of Gold Coast pensioners, retirees and low-income earners to pay for its budget black hole, says Gold Coast MP Steven Ciobo.
Labor has announced they will abolish tax refunds for share dividends if elected. This means Gold Coasters who receive the pension, are on a low-income or have a small self-managed superannuation account, will no longer get a refund from the Tax Office for tax already paid on their shares.
“The Gold Coast will be one of the most adversely affected places in the country given we have a higher percentage of those aged over 65,” Mr Ciobo said.
“Labor’s tax grab will hit Gold Coast pensioners and also rips money away from those preparing for their retirement.
“This is on top of Labor’s plan to hike up taxes on small and medium-sized businesses, these business are the lifeblood of the Coast’s economy.
“Labor is also attacking negative gearing which drives our local property industry and the thousands of jobs in construction on the Coast.
“This latest tax grab is just another example of how Labor does not get the Coast. Their policy is a triple threat that will rip the rug out from our city’s economy.”
Labor’s policy hits older Australians particularly hard, as more than half of all individuals receiving refunded franking credits have a taxable income less than the $18,200 tax free threshold.
“These are retirees who have worked hard, taken responsibility and saved for their retirement. Tax refunds from share dividends help relieve cost of living pressures for many retirees and people on low incomes.”
Mr Ciobo said the Turnbull Coalition Government is committed to keeping tax refunds for franking credits.
“The Turnbull Coalition Government stands for fairness, opportunity and security. Our plan is to keep taxes as low as they can be, while guaranteeing the essentials to reduce cost of living pressures for Australians.”