Labor’s Tax Refund Attack

Member for Forrest Nola Marino said Labor is planning to rip money from the pockets of South West low-income earners, pensioners and retirees to pay for its budget black hole.

Mrs Marino said Government analysis shows over 6,900 taxpayers and 1,500 pensioners will lose tax refunds of their franking credits in Forrest under Labor’s plan.

“Labor’s double tax on company profits will hit more South West pensioners, retirees and low-income earners than any other group,” Mrs Marino said.

“Labor’s policy hits older Australians particularly hard, as more than half of franking credit refunds were paid to individuals over the age of 65. These Australians have worked hard, taken
responsibility and saved for their retirement.

Mrs Marino said share ownership is for everyone.

“Tax refunds from share dividends help relieve cost of living pressures for many retirees and people on low incomes,” Mrs Marino said.

“That is why the Turnbull Government is committed to keeping tax refunds for franking credits.

“The Liberal-led 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.”