Retirees on the Gold Coast stand to lose thousands of dollars from their nest egg every year under Labor’s retiree tax.
“There are more than 17,000 locals whose hard earned savings will be raided by Labor through its retiree tax,” local Gold Coast MP, Karen Andrews said.
“Of those adversely impacted, on average, individuals lose $2,200 a year and self-managed super funds lose $12,000 a year. For many, the losses will be much higher.
“This is a disgraceful cash-grab by Labor from those who have done the right thing, grown their nest egg and planned to provide for their own retirement.”
According to Australian Taxation Office data, more than 900,000 Australians, 200,000 self-managed super funds and 2,000 super funds will be hit by Labor’s tax.
“Like all Australians, the people of the Gold Coast deserve a Government that encourages personal responsibility, rewards hard work and allows them to keep more of what they earn,” Mrs Andrews said.
“Labor’s retiree tax attacks and undermines these values, ripping over $45 billion out of retirement savings. This is part of Labor’s plan for more than $200 billion in additional taxes to people’s homes, incomes, business and savings.
“In contrast, the Coalition Government will protect the hard earned savings of the people of the Gold Coast and all Australians.”