Bill Shorten's $14 Billion tax grab

RETIREES who earn more than $75,000 from their super and working-age adults on more than $250,000 will be targeted by Bill Shorten in a new tax plan if Labor wins the next election. 

 

In the second major Budget policy announced by Labor, the Opposition Leader will today outline plans to save about $14 billion over the next decade by squeezing more tax out of wealthy retirees and the super contributions of the rich.

A total of 170,000 Aus­tralians would be hit by the proposals, which Labor claims would save $1.9 billion over the four years from the next election and $14.3 billion over 10 years.

Mr Shorten will argue that tax perks are ­unsustainable and give a disproportionate benefit to the rich.

“These changes are good for the future integrity of Australia’s pensions and superannuation system,” he said.
“These changes are all about putting fairness back into the system.”

Opposition Leader Bill Shorten says the tax proposal promoted fairness and integrity. PIC: Mike Dugdale Source: News Corp Australia

 

Superannuation income for most people over 60 is tax-free but, under Labor’s plan, earnings above $75,000 a year would be hit with a 15 per cent tax.

This would affect about 60,000 retirees who have super ­accounts with balances above $1.5 million.

Labor tried to impose a tax on super earnings of more than $100,000 a year in its last Budget in 2013 but this was opposed by the Coalition and legislation did not pass Parliament.

The proposed tax would come in at a lower level but would not affect full or part pensioners because the $75,000 level was above the pension income test.

In the second part of his planned tax grab, Mr Shorten will vow to cut the existing level for concessions on super contributions from $300,000 to $250,000.

This would mean that ­people who earn more than $250,000 would see the tax on their super contributions rise from 15 per cent to 30 per cent.

About 110,000 Australians who earn more than $250,000 would be stung by the proposal.

news.com.au  22 Apr 2015

Another criminal in office.

These people are literally in office unlawfully, and should be charged for (alleged) treason.

This is something the corproate media does not want to expose?

It was revealed by the mainstream media that in Tasmania over the past 30 years the judiciary was in office unlawfully, therefore making any ruling UNLAWFUL, and not requiring it to be adhered to.

See article:

http://corpau.blogspot.com.au/2015/04/tasmanian-magistrates-not-sworn-in.html