Labor’s tax plan could wipe almost $4 billion off retirement savings: reports
There are reports Labor's plan to cut refundable tax credits for retirees would wipe almost $4 billion off retirement savings from 2.6 million member accounts over the next 10 years. The Australian reports almost 2 thousand small, retail superannuation funds and 50 of the largest retail funds would be impacted by Labor's reforms. Updated Australian Taxation Figures also show that a majority of APRA-regulated super funds would be affected - despite Opposition Leader Bill Shorten's claims they would be largely unaffected.