Following earlier comments made on Tuesday, Bill Shorten has clarified that he was not referring to measures previously announced by Labor when promising no new or increased taxes on super, but denied that Labor’s proposed changes to super contributions are tax increases.
Speaking at a press conference on Tuesday, Bill Shorten previously stated that Labor had “no plans to increase taxes on superannuation” and “no plans to introduce any new taxes on superannuation” when asked if he could rule out new taxes on superannuation.
Mr Shorten has since clarified that his comments were not referring to the superannuation measures already announced by Labor.
“I thought I was being asked if there were unannounced changes to superannuation and we’ve already made the announcements of the changes we’re going to make,” Mr shorten stated at a recent press conference in Perth.
“Obviously, we have changes which we outlined three years ago. I should have picked the words better, no question. We have no proposals other than what we’ve already announced previously, no changes to the general taxation treatment other than what we announced recently.”
Mr Shorten also reconfirmed that the division 293 tax threshold — the threshold at which high-income earners pay an additional 15 per cent tax on concessional contributions — would be lowered from $250,000 to $200,000 under Labor.
He denied that the raft of proposed changes to superannuation contributions by Labor — which include the reduction to the division 293 tax threshold, the lowering of non-concessional contribution caps, the removal of catch-up contributions and the reinstatement of the 10 per cent test — were an increase in tax.
“I do dispute it as a tax increase. I absolutely do. What happens when you give a concession to someone is that’s a tax expenditure. If I was to give you a concession on something, that is money that we take out of the tax system, which you get,” Mr Shorten stated.
“That is a concession to you. And that, therefore, becomes a choice. Is it the best use of a concession to give someone a concession, preferential treatment on one aspect of superannuation? Or to invest in other parts of our nation’s priorities.”
Also speaking at the press conference, shadow treasurer Chris Bowen said that Labor’s proposed reforms to superannuation tax concessions and reversal of some of the government’s measures would “return $30 billion over the medium term on current projections”.
“Jim Chalmers and I will be releasing the budget bottom line and the impact of the decisions shortly. We have the pre-election economic forecast and we’re doing that over the course of the campaign. The Parliamentary Budget Office does that after every economic statement,” he stated.
Bill try to get all our money and spend it all to get elected.
How does anyone have a rational debate with someone who is not only ignorant but has a closed mind and is simply throwing out a populist line so he can say, to the other fools in the electorate, “see, I did something to get the rich”. Remember Clive Palmer? How many thousands, in the Fairfax electorate, voted him in? And Pauline Hanson? Just because they liked what they said. And remember Shorten at the Beaconsfield mine? Pure spin, popularity and attention seeking. But that’s politics. The art of the spin and fooling as many people as they can for most of the time. When was the last time anyone saw a politician kiss a baby other than at election time? Or tour a factory (in a hardhat, please!!) or hand out a meal at a homeless shelter? Or the worst, visit a hospital and pretend to care about the poor sod lying in the bed. I live for the day when someone tells them to get lost. It makes me sick and then I remember that these people will run this wonderful country and I am sick all over again.
DIV 293 etc …… Why not make Super NON deductible and allow a 30% Tax Offset same as Big companies this would simplify the whole lot
Bottom line…. you can’t trust Bill Shorten.
Dear Mr Shorten, If an employer deducts $5,000 from my gross income in PAYG, but my tax payable at the end of the year is $3,500 will I still get a refund of $1,500 or is that a “concession” and forfeit. To quote Forest Gump: “Stupid is as stupid does”.
Liar liar pants on fire!
At this late stage leading up to the election Mr Shorten STILL doesn’t understand the difference between overpaid tax (unused franking credits) and overpaid PAYG tax. Why is a refund of the former considered a “concession” or “gift” and the latter considered appropriate?
The changes to franking credits to SMSF’s is idiotic. So is the changes to capital gains tax. And when a journalist asks Shorten questions about his own policies, he could not answer the question. The crap coming out of his mouth is mind-boggling.
First Shifty says there would be no tax increases, then says he misunderstood the question, then says that the extra $34 Billion to be collected over the next decade is not a tax increase – but is evidently not sure what it is…other than an increase in tax collections.
Only Shorten could spin it that way. To the rest of us, if more tax is collected by the ATO, then there has been a tax increase, but according to Shorten the removal/reduction of a concession is not a tax increase.
Wow! It’s a concession to be left with any income at all it seems! It’s a gift to be left with anything! Bugger him!
Sort of like Abbott’s core promises and non core promises. Who said lies, damned lies and statistics? A pox on both their houses. If only we had decent and competent independents scattered over the whole of the 150 electorates!!
George, going into this Parliament there will 151 electorates. However, though your comments are valid, it is easier to keep an eye on “both their houses” than on 151 “houses”. Having lived in a Local Government area that was dominated by independents, the back scratching and “Taj Mahals” built for each other to gain deals for another’s Taj Mahal was a disgrace.
Why are these Pollie morons so full of absolute BULL SH#T ??
Why not actually try telling the truth, it’s a raft of Superannuation tax increases, that’s how you are raising $34 Billing extra in TAXES.
Call it what ever you want you absolute MUPPET !!!!
But the public aren’t freaking stupid and it pisses everyone off when you pollies tell absolute LIES, straight faced absolute LIES and expect us to think you are wonderful.
For Fu#k sake just try telling the truth for Once.
So, all of my money is actually Bill’s money, unless he’s feeling generous enough to let me keep some of it? What’s that old saying about socialists and other peoples’ money?
The quote you are referring to is: The problem with socialism is that eventually, you will run out of other people’s money (Margaret Thatcher).