CANCER Council Queensland has warned its chances of beating the deadly disease could be put at risk by Bill Shorten’s tax hit on self-funded retirees because older Australians will have less income to donate.
The shock alarm has opened a potent new attack for Scott Morrison, as World Vision Australia also reveals “like many of our counterparts in the sector we are currently investigating the impact” of Labor’s plan.
It comes as an angry grey army has packed local town halls in Townsville and Brisbane this week to separately complain that Labor’s franking credits plan would hurt them financially and prevent them donating to charities.
“Not content with sticking his hand in your pocket, Bill Shorten is now sticking his hand in the collection bucket of charities around the country,’’ Mr Morrison said. “His shameless retirees tax not only stings older Australians who have saved for their retirement, it undermines the incredible work done by charities across Australia, including the fight against cancer.”
The Courier-Mail can reveal today how many Queenslanders — broken down by every electorate — will be burnt by the proposed change that will raise a Labor government $5 billion a year.
CCQ said it was worried about losing large and small donations. In a dire warning, it said the loser would be the community.
“Two of our major donors … have advised CCQ that they are unlikely to be in a position to donate if this policy is introduced,” it warned.
“There are bound to be many more donors for all charities in this position.
“CCQ feels this policy will affect our donors, many who are self-funded retirees.”
Under the refundable franking credits scheme, shareholders receive a rebate for the tax already paid by companies that distribute dividends. And if a person’s top tax rate is less than the 30 per cent tax rate paid by companies, the Australian Taxation Office refunds the difference.
Many self-funded retirees say they rely on the refundability of franking credits to supplement their income, especially self-funded retirees living on a low-income, National Seniors has warned.
Labor Treasury spokesman Chris Bowen said retirees who did not like the policy were “entitled to vote against us”.
Charities spokesman Andrew Leigh said: “Charities are exempt from Labor’s policy — the significant source of funding they get from charitable trusts and bequeathed shares’ dividends (and refunds) remains unaffected.”
Punters were puzzled by another burning question yesterday when Mr Shorten tweeted a picture of him making school lunches. But all anyone was talking about was the burn on the wall behind him and who the culprit was.