You may have seen recently in the media that the SMSF Association has lodged its submission to the Senate Economics Committee regarding their inquiry into the impact of losing refundable franking credits.
Our policy team has highlighted throughout their submission the clear inequities and flaws in the Labor Party proposal to remove franking credits.
The advocacy effort was also strengthened by a Summit held by the Alliance for a Fairer Retirement System. The Alliance, which is a group of several like-minded Associations, heard from keynote speakers from Government, industry, academia and the retiree community.
The Assistant Treasurer, Stuart Robert, described Labor’s proposal to deny refunds of franking credits as “unfair” during the Summit and added: “The critical point is that more than 45 per cent of the 900,000 people are 65 years or older. Any changes will overwhelmingly hit low and middle-income earners, with 84 per cent of the individuals impacted on taxable incomes of less than $37,000, and 96 per cent of the individuals impacted on taxable incomes below $87,000.”