Fair’s fair when it comes to franking credits

By Chief Advocate Ian Henschke

National Seniors became a founding member of the Alliance for a Fairer Retirement System earlier this month.

Its mission is to fix problems with the existing superannuation, taxation, Age Pension means testing, and broader retirement income systems.

The formation of the Alliance was in response to Labor’s proposal to disallow refunds of franking credits for retirees and shareholders with no taxable income. The aim is to raise $59 billion over 10 years through this initiative.

National Seniors welcomes new aged care watchdog

National Seniors Australia has welcomed the Federal Government’s announcement of a new watchdog for the aged care industry, which will serve as a one-stop shop for complaints.

Aged Care Minister Ken Wyatt said yesterday the Aged Care Quality and Safety Commission, due to start work on 1 January 2019, was designed to promote transparency in the industry.

It follows the Carnell-Paterson review into failures at South Australia’s Oakden Older Persons Mental Health Service last year, which led to its closure.

Submission on Improved Superannuation Transparency

National Seniors highlights the need for consistency of information contained on the superannuation product dashboards and the more detailed product disclosure statements so consumers are not misled or confused.

Submission to lifting the professional, ethical and educational standards in the financial services industry

Submission in response to the  Parliamentary Joint Committee on Corporations and Financial Services' inquiry into proposals to lift the professional, ethical and education standards in the financial services industry (PJC).  The PJC report outlines a comprehensive model to increase the professional standards of advisers, involving a co-regulatory approach where Government, professional associations, industry and academia all work in partnership.

Submission to the Review of Retirement Income Stream Regulation

Submission in response to regulatory barriers restricting the availability of relevant and appropriate income stream products in the Australian market; and the minimum payment amounts for account-based pensions, to assess their appropriateness in light of current financial market conditions.

Submission to Tax Review Discussion Paper

National Seniors argues the case for fundamental reform of Australia’s tax system, rather than mere refinement.  While Australia’s federal system presents significant challenge to the achievement of comprehensive tax reform, the Australian people are entitled to expect leadership from their governments to address these fundamental challenges in the national interest.

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