18 hours Ago By David Crowe
Labor is moving to counter fears about a $2.3 billion hit to taxpayers from new rules on retirement funds after Opposition Leader Peter Dutton branded the plan an “inheritance tax” and sparked government concerns about a last-minute scare to swing the election. Prime Minister Anthony Albanese declared the changes would only impact 0.
5 per cent of the nation’s superannuation accounts despite the claims about sweeping tax changes, as he urged Australians to vote for “certainty” during uncertain times. Prime Minsiter Anthony Albanese and Opposition Leader Peter Dutton. Credit: Alex Ellinghausen, James Brickwood But Dutton ramped up his warnings by claiming the changes to unrealised capital gains in large superannuation funds would hurt families with properties and shares, suggesting broader changes beyond super, even though the draft law is limited to retirement accounts.
The fears appear likely to turn the last days of the election campaign into a battle of competing scare campaigns, as Albanese claims the Coalition nuclear energy policy will cost $600 billion – an assertion Dutton rejects. Labor supporters blamed a Coalition scare campaign about “death taxes” for weakening support for Bill Shorten as party leader at the 2019 election, while Coalition supporters are blaming Labor at this election for spreading fears about the cost and location of nuclear power plants. Loading The government has put forward draft laws to raise revenue by increasing the tax on capital gains in super funds worth more than $3 million, triggering criticism that this would impose a tax on a theoretical gain before a taxpayer sold an asset.
Dutton has branded the policy as unfair without mentioning the fact that it is limited to very large super funds, raising Labor concerns that this will frighten voters in the same way as the social media rumours about a Labor “death tax” six years ago. The opposition leader said on Sky News on Tuesday night that the change would force people to pay for gains on their shares, and he redoubled the message on Wednesday by saying it would apply to people with property..
