My inbox has been running hot with queries about Bill Shorten’s plan to end the refunding in cash of excess imputation credits. Self-funded retirees and others are seething. This is a naked tax grab, not (as he tried to dress it up) about closing a “tax loophole”. Refunding excess imputation credits means that everyone gets the same benefit. What can be fairer than that? (see my article in Switzer Daily http://www.switzer.com.au/the-experts/paul-rickard/shortens-naked-tax-grab-may-lead-to-more-buybacks20181503/ )
Late last week, he appeared to back track a little from the proposal, saying that “pensioners” would be compensated. He didn’t say how this would be done, and whether it would apply to any person receiving an aged pension, or just those receiving the full aged pension.
The two most common questions I have received are who is impacted, and what effect will it have on the stockmarket?