Agreement with Opinion piece about Franking Credits



Dear News Of The Area,

I AGREE completely with the letter “Franking Credits-Frankly Unfair” as written by John Alterator (Myall Coast News Of The Area 17 January 2019).

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It is a pleasure to know that people in our area, having the largest percentage of older and retired residents in NSW, are starting to look at this issue which will greatly affect their pockets from next July onwards. Should the ALP be elected to Government?

My occupation for over 40 years covering every State of Australia plus some nine overseas countries and holding the highest financial licence, allowed me to advise high net worth individuals and many companies, means that I have lived within this system of taxation where people were encouraged to provide for their retirement rather than putting their hands in the governments pockets, advising people and groups the best ways in which to achieve this endeavour and the legal benefits it provides.

I have written a submission to the Governments Economics Committee expressing my views on this matter and have been approached only last week for permission to publish it for discussion purposes.

People often with Self Managed Super Funds have been providing for their retirement financial needs for much of the last 40 years, paying concessional tax on their incomes invested in Superannuation, but now the probable “incoming Government” has suddenly moved the goal posts in order to invade and remove both income and capital from these savings because the total dollar amounts have become so large that short term thinking Govts just can’t resist plundering this stockpile.

This cargo cult mentality of plundering the resources of those who have saved and invested in govt approved schemes, all covered by superannuation legislation and all really devised by govt to get the hands of poor old retirees out of the govts pockets, will now prove to be a really dreadful back stabbing exercise on those who are now too old to again go out to work in order to recover the income and assets that a new government will remove from them by changing the tax act in order to make it legal.

John Blackbourn
North Arm Cove

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