The Alliance for a Fairer Retirement System, which includes the SMSF Association and National Seniors Australia, has launched a website as part of its campaign against Labor’s imputation credit policy.
Labor has a policy of stopping the refunding of imputation credits for most taxpayers, a policy which the Alliance says will be detrimental to retirees and small businesses – who can lodge their concerns about the policy on the website.
The Alliance says there is growing scrutiny about Labor’s policy, including a disputed Treasury analysis.
“This recent coverage is just another thread in the growing fabric of discontent by everyday Australians who stand to be adversely impacted by the proposal.”
The Alliance members include:
- SMSF Association
- National Seniors Australia
- Self-managed Independent Superannuation Funds Association
- The Australian Shareholders’ Association
- Australian Listed Investment Companies Association
- Stockbrokers & Financial Advisers Association
- Association of Independent Retirees
- Australian Investors Association
- Association of Financial Advisers
The Alliance has published a template letter, encouraging people to send it to their local MP or Senator. The letter says, in part:
“I am writing to you to voice my strong opposition to the Australian Labor Party’s proposal to disallow refunds of franking credits. This proposed policy will severely damage the retirement plans of many Australians who have prudently saved for retirement through an SMSF and planned for refundable franking credits.”
The Alliance for a Fairer Retirement System says it was formed in response to Labor’s policy, but also claims it will “explore options to fix problems with the existing superannuation taxation, Age Pension means testing and broader retirement income systems”. So far the activities of the Alliance have been confined to the imputation credit issue.