John And Garry Podcast

Noise continues around Mr Shorten’s grab for your imputation tax credits Normally, if you’ve paid excess tax you get a refund for the overpayment. The Labor party proposal is to stop the cash refund for the value of the credits that exceed your tax liability.  i.e. you lose the excess tax you have effectively paid for - which you’d normally get back. The opposition’s hate of self-funded retires with SMSFs is again evident – but it’s a bit of a smoke screen. Shorten has stated he is targeting 200,000 of the 600,000 SMSF in the country.  Shorten is trying to make us look in one direction. There are about another 1,000,000 people who will be disadvantaged.  8% of the 12,800,000 people who submit a tax return. Pensioners with $200,000 of shares will be impacted – close to $4,000 worse off each year.  Single member in a SMSF with $1million “balanced portfolio” will be about $5,000 worse off each year. Labor is saying double taxation is fine