Westpac and the ANZ have suspended dividends payments. The National Australia Bank has slashed them. The peculiarities of our tax system explain why retirees hate this more than they should.
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All that would be needed is to adjust retiree tax scales and tax their super fund earnings at their marginal rate.
Retirees with superannuation balances of $1. pay and pay no tax and get annual imputation cheques of $63,000.
Demographics are making elections about tax concessions, and soon there will be no turning back.
