Labor to end share dividend cash perk in $59b grab
More than one million shareholders, including self-funded retirees, who pay little or no tax would lose cash refunds for excess dividend imputation credits, under a proposed crackdown by Labor that would reap an estimated $59 billion in revenue over the next decade.
Following a warning last week by shadow treasurer Chris Bowen that Labor again had its sights set on loopholes enjoyed by the so-called wealthy, he and Opposition leader Bill Shorten will announce today that the cash refunds will be abolished from July 1, 2019, if Labor wins the next federal election.
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