There were some inaccuracies in an advertisement on Page 8 of the Wyong Chronicle edition 163 on Labor’s dividend imputation reform that must be corrected.
The most concerning of those was that the policy would exempt some Government pensioners but not others.
That is completely untrue.
Under Labor’s Pensioner Guarantee, everyone who claims a Government pension or allowance is exempt from these changes.
To be eligible for a part-pension, a couple can have almost $853,000 in assets as well as their family home.
In the face of genuine confusion as well as a dishonest scare campaign that is running about the policy, here are some facts: This policy affects 4 per cent of the population; This policy affects people who pay no income tax; The Pensioner Guarantee exempts anyone on a Government pension, part-pension or allowance; No one affected will lose any of their share dividends; and no one affected will pay any more income tax.
Tax concessions provided to superannuation that allow many retirees to draw an income that is tax-free will continue.
We understand that some people will lose income, but currently corporations do not pay tax on the profits that are sent to this group of people as dividends and that is unfair.
Australia is the only country that has this system and we can no longer afford it.
Feel free to contact our offices for more information.
Email, May 9
Emma McBride, Federal Member for Dobell
Pat Conroy, Federal Member for Shortland