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Tom Elliott: Labor’s cash grab plan to go after self-funded retirees

Tom Elliott says Labor’s plan to dip into self-funded retirees’ super, if it wins the next federal election, is something to be “very worried” about.

“If you’re a self-funded retiree you need listen to this,” he said.

“Labor is almost certain to win the election and I can tell you Labor has a plan to go after self-funded retirees.

“It involves the taxation of franking credits and giving a refund where someone has a lower tax rate than the company tax rate.

“What you need to be worried about is this, if you fund your retirement out of your own super fund, that you worked hard to build up over your working years, Labor is gong to apply a new tax, a new cash grab to your super fund that will probably deprive you, depending on your arrangements, of between $5000-$10,000 every single year.

“So if you’re on $35,000 from your super fund, you don’t receive a pension from the taxpayer, your income might be cut to $25,000.

“If you’re a pensioner and you run your own super fund, and that’s the sole source of your income, you should be very worried.”

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Shadow treasurer Chris Bowen was unapologetic about his plan.

“I don’t agree with us ‘going after’ self funded retirees,” Mr Bowen said.

“When their income is going down by $5000 or $10,000 a year I think they’ll agree they’ve been gone after,” Tom said.

“I accept that not everyone is going to agree with this,” Mr Bowen said.

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