Territory retirees stand to lose thousands of dollars from their nest egg every year under Labor’s retiree tax.
“In the Northern Territory there are over 2500 people whose hard earned savings will be raided by Labor through its retiree tax,” Country Liberals Senator for the Northern Territory, Nigel Scullion, 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, Territorians deserve a Government that encourages personal responsibility, rewards hard work and allows them to keep more of what they earn,” Senator Scullion 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 Territorians and all Australians.”
“Supported by Luke Gosling, Warren Snowdon and Senator Malarndirri McCarthy, Bill Shorten’s five point plan for the economy is more tax, more tax, more tax, more tax and more tax – new taxes on your income, new taxes on your business, new taxes on your housing, new taxes on your retirement savings and increased taxes on your electricity.
“Labor Chief Minister Michael Gunner is doing exactly the same to the Territory – increasing taxes and fees left, right and centre hitting Territorians hip pockets to try and cover up the massive debt and deficit he has created.
“As well as planning to bring in the world’s worst mining tax that threatens $6 billion of investment and 4,000 jobs, the Gunner Government has hiked up vehicle registration costs, gun licence costs, building inspection fees among others that have been hitting Territorians hard over the past two years.
“Now when businesses are struggling under the economic downturn his government created, what does Michael Gunner do? Labor penalises businesses and land owners with more costs with his vacant CBD property tax that will just see increased costs passed on to Territorians.
“Only the Country Liberals can be trusted to manage the economy, guarantee essential services such as infrastructure while getting the budget back into surplus, giving hard working Australians tax relief and all while paying down Labor’s debt.”