By abolishing tax refunds on share dividends, Labor would remove franking credits from around: 900,000 individuals; 200,000 self-managed super funds; and 1,800 super funds.
This would change the goal posts for people who have worked hard and saved for retirement. It would affect some pensioners and lead to a greater reliance on the Age Pension.
Labor would also hit around 1 million workers with four additional taxes on superannuation.
Labor would increase capital gains tax by 50%.
This would give Australia one of the highest CGT rates in the world. This would not only affect housing, but other investments, such as shares and other assets.
Each year, around 900,000 Australians make a capital gain on an investment.
Labor would hit 300,000 small family businesses structured through discretionary trusts with a minimum tax rate of 30%.
This would affect small businesses who use trusts for asset protection, estate planning or to manage cash flow.
Labor would tax these small businesses at the same rate as large multinational companies.
Bill Shorten and Labor plan to introduce a Car Tax which would increase the cost of nearly all of Australia’s new cars.
Labor’s reckless plan would implement a strict emissions limit on all new vehicle sales.
Under Labor’s plan, the cost of almost all new cars in Australia would increase by up to $5,000. Everyday Australians would have less choice over the car they want to drive.