For almost a million self-funded retirees, Labor would impose a marginal tax rate of 30 per cent. If it looks like a tax, and sounds like a tax, it is unquestionably a tax. Mr Gelling's uncalled for rancour and bitterness exposes his inability to disagree without being disagreeable.

Politics is both science and art. The science of politics is policy, the art is its implementation. This is where Mr Gelling and his leader, Bill Shorten, have got it wrong. 

Rather than anchoring this taxation clawback on longstanding taxation principles whereby people having the same assets and income should be treated the same, Mr Shorten would penalise one group – self-funded retirees – while exempting neighbours with their super in a union-backed industry fund. Mr Shorten gambles that most of those impacted vote conservatively anyhow. Fair game. 

The reality is 23 per cent of  voters are over 65. Even if three-quarters vote conservatively, that leaves five per cent of the national vote in play – easily enough to determine the outcome of the federal election. 

The mystery is why Mr Shorten set himself up to be such a big target politically. He has only himself to blame. Announcing the retiree tax in March 2018, Mr Shorten said: “this change only affects a very small number of shareholders who currently have no tax liability and use their imputation credits to receive a cash refund”. 

So the 960,000 older Australians impacted, losing an average of $6000 a year, is a “very small number”? More than half are older women who based their retirement savings around Australian shares with franking credits. Hell hath no fury, Mr Shorten.

Retiree Bob Ortoo draws $70,000 pa from his Self Managed Superannuation Fund. He also has $6000 in franking credits – ie the amount of company tax already paid on his share dividends – which can be offset against his personal income tax liability. 

However, since the $70,000 from his fund is tax free he has no tax liability to claim his franking credits against. What to do? Liberal government to the rescue! 

Even though Bob has paid no tax he gets a tax “refund” of $6000 and he desperately needs this to pay for the first class airfares on his annual skiing holiday to Aspen.

Legal? Yes. Fair? This policy costs the budget  $5.8billion pa which could otherwise be spent on hospitals, schools, public transport, climate change mitigation etc.

Retiree Edna Average, on the other hand, receives a  modest defined benefit pension of $15,000 pa and a modest Centrelink part pension which prior to 2015 was based on a formula established in 1987. The Abbott/Turnbull/Almost Dutton/Morrison government changed the formula in 2015 – with the connivance of the Greens – and Edna's Centrelink part pension was reduced by more than $1000 pa.

(NB: No Parliamentary inquiry into the fairness and impact of this because those affected did not have million dollar Self Managed Superannuation Funds).

Edna, being generous of spirit, reluctantly accepts her lowly place in the national pecking order and that she is contributing to Bob's skiing holiday. Even though struggling with cost of living pressures she is contemplating a possible holiday for herself in Lakes Entrance travelling economy on the V/Line coach.

So a message to the privileged few who are whingeing about losing their divine right to receive a refund of tax they have not paid. Be like Edna, accept it in the national interest and get on with life. (After restructuring your affairs to take advantage of the numerous other loopholes available of course!)