It is beyond dispute that Bill Shorten is correct when he states that a cash refund of franking credits on investments should be claimed only by a taxpayer.
What is in dispute is the timing and manner in which he intends to legislate changes to current taxation laws on those credits.
His planned legislation must be changed to exempt all shares purchased prior to 30 June, 2019. This will give retirees the same privileges that he has stated that he will grant to those affected by his changes to taxation benefits relating to negative gearing and capital gains.
To deny this, will mean that he will be declaring that property developers are more worthy citizens than retirees and deserve privileges that are to be denied to retirees.
Once this injustice is corrected, it will be vital that he also takes decisive steps publicly to help to halt the vitriol to which retirees are being subjected on this matter via social media.
Trolls constantly declare that retirees are dishonest thieves of public money and leaches on society. The hatred that they convey is appalling.
These primitive critics should note that,
*When current retirees were young, they did not receive the franking credits that young taxpayers enjoy today.
*Nor did they get a Superannuation Guarantee.
*They simply saved carefully, a sensible act for which they will now be punished.
*Many thousands of retirees have based their long term retirement incomes on the continued receipt of franking credits as this benefit was the law of the land when they did their planning and still is at this moment. They have not been cheating the system.
*The revenue that the Government will lose by grandfathering Franking Credits that are received on investments held prior to 30 June 2019, can be replaced quite easily by taxing the big end of town which is overpopulated by long term tax evaders.
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