Australia. Labor tax safety net to fail 50,000 pensioners
Up to 50,000 pensioners over the next decade could fail to meet Labor’s safety net threshold and lose their annual cash refunds for excess franking credits under Bill Shorten’s plans to axe $55 billion in tax breaks for retirees.
Treasury analysis of tax data shows that every year between 3000 and 5000 pensioners who were also members of a self-managed super fund would fail to meet the criteria for Labor’s “pensioner guarantee”.
Labor argues the policy was announced a year ago, which gave people more than enough time for them to plan for the new arrangement should Labor win the election.
Read more @The Australian
