Shadow treasurer Chris Bowen said the policy intent is to stop wealthy Australians from accessing this concession. He clarified some figures to this effect last week.
The Labor Party claimed in its costings that 96 per cent of Australians will be unaffected by its plans to abolish cash refunds for excess imputation credits.
However, modelling to the contrary has been released over the course of 12 months, which suggests “mum and dad” investors could also take a hit from the policy.
Based on figures from the Parliamentary Budget Office, the measure is estimated to impact 840,000 individual taxpayers, 210,000 SMSFs and 2,300 APRA-regulated funds, including industry and retail funds.