Alliance for Retirees speaks out against franking credit proposal
The recently formed Alliance for a Fairer Retirement System has spoken out against Labor’s franking credit proposal, launching its website amidst growing scrutiny.
The website provides relevant news for small businesses as well as an opportunity for individuals to lodge their personal stories concerning potential outcomes if the proposed policy goes ahead.
Spokesperson for the Alliance, Deborah Ralston, said many small business owners were unaware of the impact of the proposal on their retirement plans, and would be surprised to find a significant fall in income.
Founding member of the Alliance and chief executive officer of the Stockbrokers and Financial Advisers Association, Andrew Green, said many retirees, who are clients of stockbroking firms, relied on their franking credits for modest retirement incomes.
He said the proposal was against the Alliance’s principles of adequacy, sustainability, certainty and fairness, and retirement savings should be off-limits for governments of any persuasion.
“… It is manifestly unfair that a member of a self-managed super fund is treated differently to a person with the same assets in a large tax-paying super fund,” he said.
“The Alliance wants want a fair-go for everyday Australians who have saved hard for their retirement.”
AUTHOR
Anastasia Santoreneos
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