29/3/2019

Labor’s retiree tax to cost Wide Bay seniors

Labor’s retiree tax would hit the wallets of 6,900 Wide Bay seniors if Bill Shorten was elected, new Australian Taxation Office data shows.

“Labor’s proposed Retiree Tax would punish people who have worked hard their whole lives and saved for a rainy day – including almost 7000 grandmas and grandads, mothers and fathers in Wide Bay, the majority of whom are already on modest incomes,” Member for Wide Bay Llew O’Brien said.

“To make matters worse it will also hit tens of thousands of Australian pensioners, who stand to lose the most.”

Mr O’Brien said Wide Bay seniors are among the more than one million Australians who would be hit by Labor’s retiree tax. Around 910,000 individuals, members in 200,000 self-managed super funds and 1,800 super funds would have their incomes slashed.

“Older Australians would stand to lose about $2,300 every year, and people with self-managed super funds would lose around $12,000 or much more,” Mr O’Brien said.

“Nobody in Wide Bay can afford that. I’ve also heard from many people in Wide Bay who have looked at the numbers and tell me that this proposed tax would force them to rely on the Age Pension.

“Labor’s attack shifts the goalposts on older Australians who have done the responsible thing, they have worked hard, paid tax all their lives and saved for their retirement.

“Australians shouldn’t have to worry about how they’ll pay their bills or meet medical expenses.

“We need a Government that encourages hard work and saving, and can handle the Budget responsibly – and that’s a Coalition Government. I’ll stand up for our retirees.

“Labor can’t manage money, that’s why they end up coming after yours. To make matters worse they have told concerned seniors they could just ‘vote against us’.

“It’s advice our seniors should take.

“Labor’s retiree tax is among more than $200 billion in new, higher taxes Bill Shorten wants to dump on our economy. When Labor start running out of money they come for yours.”

 

ENDS