90% negative on franking credits impact

29 November 2018
| By Mike |
image
image
expand image

Nearly 90 per cent of investors who responded to a recent survey dealing with the impact of the Federal Opposition’s proposed removal of refundable franking credits believe it would reduce their quality of life, according to a survey conducted by investment services firm, Australian Stock Report (ASR).

In a submission filed with the House of Representatives Economics Committee inquiry into the Labor policy proposal, ASR revealed the outcome of a survey of 2,500 of its clients conducted in October, nearly 70 per cent of whom were aged 65 or over and 62 per cent operated their own self-managed superannuation fund (SMSF).

The submission said the survey revealed that 64 per cent of respondents received a total income of less than $75,000 a year and that 84 per cent believed they would lose less than $30,000 a year from the policy change because of the moderate scale of their portfolios.

However, the survey also revealed that 89 per cent believed the change of policy would reduce their quality of life and 84 per cent indicated that listed equities represented their largest asset class.

The survey had also revealed the average SMSF balance held by respondents was around the Australian Taxation Office’s average of $599,000, with 60 per cent having balance above this.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones....

15 hours ago

APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers....

15 hours 32 minutes ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

3 days 14 hours ago