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Federal Labor will cancel cash refunds to taxpayers who claim tax credits on their dividends, potentially saving $5.6 billion a year.

Opposition leader Bill Shorten will announce Labor’s intent to scrap the refunds in a speech to the Chifley Research Centre in Sydney today, saying current policy gifts “unsustainable largesse for high-income earners”. The policy, which would affect about 8 per cent of taxpayers and 200,000 self-managed superannuation funds, likely signals Labor’s intent to target rules benefiting wealthy voters in the run-up to the next federal election …

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