As I've mentioned previously this tax grab of Labor will not get the $$ billions as they expect. You must remember that the so called rich are rich for a reason. Envious lefties will never get rich as they sit on their bums getting the dole or some Gov't pension.
To become rich in the first place one must have some business and have worked hard to grow that business, investing back into the business over many years. Yes, these so called rich have diverted their assets and cash in SMSFs allowing themselves to live very comfortably in their retirement. ( Lefties are now jealous and want this money to prop up their own lifestyle).
The so called rich didn't become rich by being fools.
Dare I say the so called rich are far smarter than people like Shorten or Bowen. The so called rich are definitely far smarter than the Parliamentary Budget Office.
The so called rich are already devising plans to short circuit the Shorten Tax grab. Strategies are being put into place to avoid the loss of franking credit refunds.
Noel Whittaker was correct when he points out that the likes of widows and middle class savers in SMSFs will be the ones penalized.
The so called rich will not be affected as their SMSFs are currently being directed away from the need to get the franking credits reimbursed. There are so many tactics available to short circuit Shortens tax grab, that in the end Shorten will only be getting a few dollars from widows.
The envious lefties will then try to devise another tax grab, and so the game goes on.
