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Labor has just announced their intention to scrap imputation refund credits.
When are you going to have a broadcast discussion on this major impact to SMSF in pension stage? I would like the position clarified/explained on the difference between being a member of a “industry/public” fund versus a pension through SMSF.
From some commentary I’ve seen in the past few days, if you are in pension phase and not in an SMSF there are no tax credits available, rather they are used by that funds tax liability (which seems to me under current legislation a disadvantage to those members?). Is that a hidden and substantial cost to non-SMSF people?
What an opportunity gone begging for tax advisers and financial planners!
A: Thanks for the comments.
Potentially, members of industry and retail funds are also disadvantaged – and will in due course will see lower returns. As is often the case, the Industry Funds have supported Shorten and gone quiet on the matter – not disclosing if they receive refunds or not.
If you are a member of such a fund, ask them to quantify the expected impact.
Regards
