Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

The government extended lump-sum payments as part of its 2008 Economic Security Strategy to holders of the Commonwealth seniors health card as well as aged pensioners. Apparently the Liberal opposition now believes this was a waste of money to those who worked hard—many superannuants and pensioners in our community. Many self-funded retirees will also be eligible for the tax bonus under the Nation Building and Jobs Plan if they paid tax in the 2007-08 financial year and had a taxable income of $100,000 or less. Apparently the Liberal opposition believes this relief to many self-funded retirees is also a waste of time. The government also assists self-funded retirees through the tax system, in particular the senior Australian tax offset—SATO, as it is known—which, when combined with the low-income tax offset, ensures that the eligible single older Australian can have income of up to $28,867— (Time expired)