Have your say on franking credits proposal

Special hearings discuss implications of Labor's franking credits refund policy

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MONEY WOES: An inquiry is being held into the implications of Labor's proposal to remove franking credits refunds from all but age pensioners.

MONEY WOES: An inquiry is being held into the implications of Labor's proposal to remove franking credits refunds from all but age pensioners.

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Financial security of retirees at risk says inquiry chairman.

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AS A Federal election looms on the horizon and self-funded retirees become increasingly jittery over Labor’s plan to remove franking credits refunds from all but aged pensioners, the House of Representatives Standing Committee on Economics is undertaking an inquiry into the implications of the proposal.

Eight hearings are scheduled across Queensland and NSW in the next two weeks with dates for other states yet to be released.

Chairman of the committee, Mr Tim Wilson said, “the ability for investors, including individuals and superannuation funds, to claim their full credits is an established feature of our tax system and is core to the financial security of retirees.

“There has been legitimate community concern about proposals to remove cash refunds for their full allocation of credits for individuals and superannuation funds, and that it amounts to a tax on the savings of retirees. 

“The committee is examining what impacts the removal of refundable franking credits would have, particularly on retirees who have made long term retirement saving decisions based on their ability to claim refunds on their franking credits and whether it will compromise their financial security.”

Submissions to the inquiry are still being taken and hearing attendees can make a short statement on the day. It is not necessary to register to attend a hearing.

Seniors advocacy group National Seniors said Labor’s proposal would force more people onto the age pension and hit the income of retirees who saved hard under existing tax rules to self-fund their retirement 

Hearing dates and locations:

Queensland

  • Townsville, 2-3.30pm, Tuesday, January 29, Pandora Room, Hotel Grand Chancellor, 334 Flinders Street
  • Alexandra Headland, 9-10.30am, Wednesday, January,30, Bluff Function Room, Alexandra Headland Surf Life Saving Club, 167 Alexandra Parade
  • Paddington, 2.30-4.00pm, Wednesday, January 30, Presentation Room, Lavalla Centre, 58 Fernberg Road
  • Eight Mile Plains, 9-10.30am, Thursday, January 31, Central Auditorium, Brisbane Technology Park Conference Centre, 1 Clunies Ross Court
  • Upper Coomera, 2-3.30pm, Thursday, January 31, Upper Coomera Centre, 90 Reserve Road.

New South Wales

  • Merimbula, 9-10.30am, Monday, February 4, Merimbula RSL, 52-54 Main Street
  • Chatswood, 9-10.30am, Friday, February 8, Chatswood Club, Level One G11 Help Street
  • Bondi Junction, 2-3.30pm, Friday, February 8, Bondi Junction RSL, 1/9 Gray Street.

Submissions can be made online or by emailing economics.reps@aph.gov.au

For information about the inquiry visit: www.aph.gov.au/economics 

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