LABOR’S RETIREE TAX TO HIT RETIREES ON THE SUNSHINE COAST

LABOR’S RETIREE TAX TO HIT RETIREES ON THE SUNSHINE COAST

We have a large cohort of retirees across the Sunshine Coast and they stand to lose thousands of dollars from their nest egg every year under Labor’s retiree tax.

“In Fairfax there are around 7,500 people whose hard earned savings will be raided by Labor through its retiree tax,” Ted O’Brien MP said.

“Of those adversely impacted, on average, individuals lose $2,200 a year and self-managed super funds lose $12,000 a year. For many, the losses will be much higher.

 “This is a disgraceful cash-grab by Labor from those who have done the right thing, grown their nest egg and planned to provide for their own retirement.”

According to Australian Taxation Office data, more than 900,000 Australians, 200,000 self-managed super funds and 2,000 super funds will be hit by Labor’s tax.

“Like all Australians, the people of the Sunshine Coast deserve a Government that encourages personal responsibility, rewards hard work and allows them to keep more of what they earn, Mr O’Brien said.

“Labor’s retiree tax attacks and undermines these values, ripping over $45 billion out of retirement savings. This is part of Labor’s plan for more than $200 billion in additional taxes to people’s homes, incomes, business and savings.

“In contrast, the Coalition Government will protect the hard earned savings of the people of the Sunshine Coast and all Australians.”

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I stand with my Federal colleagues AGAINST this policy on behalf of more than 1.1 million effected Australians.

Meet the people who will be affected by Labor's Retiree Tax:

Meet the people affected by Labor's tax

 

Download the fact sheet below.