Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697633048994.pdf (Australia)
NO way should this be allowed by either party!!!!!!!!!!!!!!!

As a Self-Funded retired couple we are fully disenchanted by both political parties â€“ Labour in particular.

About 6 years before we retired, when I was 63 years old, we realised that the pension would not sustain our moderate lifestyle and that we had to save and invest to secure some additional income to fund our retirement.
As Liberal voters and a couple who have worked our entire lives, we also thought at the time that we should not be a burden on this GREAT country of ours and should try to self-fund our retirement.

As a consequence, we saved like blazes, invested what we could afford and indeed did retire as Self-Funded retirees.

Between our superannuation and investments, we managed to accumulate approximately $860,000 and started our own SMSF.
With the addition of a small part pension, when I turned 65, this gave us an income (with Franking Credits) of approximately $70,000 and our annual expenses were approximately $68,000.

So, after busting various parts of our body for most of our lives and in particular the last 6 years of our working life, we almost accomplished what we set out to do â€“ mainly self-fund our retirement and not be much of a burden on our government.
Then in 2016, our marvellous Liberal government, who we had supported all our voting lives, changed the rules and reduced the asset limit for pension qualification.

Gone was our small pension payment of approximately $6,000 per year.

Never mind, we managed to swallow that, get over our anger, adjust our lifestyle a little and began to live with the change in full belief that NO government would mess with the rules again.
Very naive we know, but after all, we were Self- Funded retirees and now NOT a burden on our government.

Surely any future Labour government would not mess with the modest assets we had worked for???

Wrong again!!!!

Now Mr Shorten and his Labour Party â€œcannot see the forest for the treesâ€ and plan to make a â €˜Tax Grabâ€™ on Franking Credits.
Unfortunately, I suspect a large portion of the people who vote Labour and have little knowledge of how this change will affect their superannuation savings and consequently their retirement, think this is a good idea and will only catch the super-rich.

As most of our assets are invested in Fully Franked Shares, we have calculated that this change will impact our income by approximately $16,000 per year.
The end result, as our expenses have gone up a little since we Inquiry into the implications of removing refundable franking creditsSubmission 89 retired in 2012 is, Income approximately $56,000 - Expenses approximately $71,000.

Obviously, we are VERY OPPOSED to these changes and would like our association to take some VERY STRONG action.

Our Plan, should the changes take effect:-  We give up, obviously working hard all your life and trying to fund your own retirement does not pay dividends.
 NEVER support Labour and do all we can to discourage everyone we know to do the same.

 Forget about funding our own retirement and spend enough of our savings on overseas trips etc.

to come under the Asset Limit so we can receive a generous pension from the government to replace the $16,000 they have taken from us.

Thanks for letting us have our say.

Paul & Glenda LARSEN.

Inquiry into the implications of removing refundable franking creditsSubmission 89