Within days BS (short for Bill Shorten) has done a backflip. Today's news is, Labor will exempt pensioners and grandfather self-managed super funds with at least one pensioner or benefit recipient from its proposal to end cash rebates for excess imputation credits.
After internal deliberation on Monday, Labor resolved to shield all government pensioners and allowance recipients from the abolition of cash refunds and grandfather 13,000 self-managed super funds – a measure that will be badged a pensioner “guarantee”.
Grandfathering means investment decisions taken before a certain date remain subject to the old rules. Self-managed superannuation funds with at least one pensioner or allowance recipient before 28 March 2018 will be exempt from the changes Labor plans to implement if it wins the next federal election.
IF it wins the next Federal election! Mind you, there are times when choosing between Labor and Liberals is like voting for cancer or a heart attack. Why would you vote for either?
P.S. To read the Grattan Institute's position on Labor's policy, click here.
