Bill Shorten and Cash Refunds
Background: In March this year Bill Shorten pledged that should Labor win the upcoming election then from 1st July 2019 they will axe cash refunds for excess imputation credits paid to individuals and in superannuation funds. This would reverse the cash refund of imputation credits introduced by John Howard two decades ago. It would also be introduced with no grandfathering or transition arrangements. Malcolm Turnbull rejected it as a “cash grab”. The removal of Malcolm Turnbull means the Liberals can renege on that position and even adopt the changes should they feel it politically expedient.
The measure was introduced by Bill Shorten to win votes from the “poor majority” by stopping the super wealthy, who were in a tax-free...Continue Reading