The policy will apply from July next year if Labor is elected.
If this dividend was the person's only income, they would be below the tax-free threshold and not have an income tax bill.
Earlier on Tuesday, Finance Minister Mathias Cormann labelled Shorten "shifty" for claiming the proposal was not a tax increase.
Labor insisted its rejection of the rebate would save $59 billion to reduce the Budget deficit and fund essential programs over the same time the Government wants to implement $65 billion in tax cuts for big business.
"Anyone with a pension account and balance of less than $1.6 million, with any exposure to Australian shares, will certainly be worse off with this change", he said.
But there was a shift in 2000, when the Howard-Costello Coalition government amended the policy, making it more generous for SMSFs and self-funded retirees - a policy which still exists today.
"At face value, it appears that this proposal would impact Mum and Dad investors both through their superannuation and through the shares they own outside of super and compromise the long-standing investment neutrality principle", Dr Fahy said.
The Government says seniors claiming a pension and self-funded retirees are likely to be impacted but Labor claims it would only affect 8 per cent of the population.
Federal Treasurer Scott Morrison called it the Opposition's bid to "steal" tax refunds from the Australian public.
Labor this week announced a proposal to remove cash refunds for excess dividend imputation credits, as a way of "improving the budget bottom line".
To ensure that profit isn't taxed twice - once with corporate tax and again on income tax - shareholders get a $30 tax imputation to go with their $70 dividend.
Research commissioned by the Australia Institute has found that 75 per cent of the dividend tax credits have gone to households in the top 10 per cent of incomes.
The Self-managed Independent Superannuation Funds Association (SISFA) said the policy "fails the test of fairness" as it will benefit taxpayers on higher incomes at the expense of those on lower incomes. It found the top 1 per cent of self-managed superannuation funds get an average annual refund of $83,000.
"If the Labor Party are prepared to deny you what is effectively a tax refund, because you've overpaid your tax, where will they stop", he said.
"Now, if you were earning $18,200 you would have a zero tax rate".
"Believe me, they won't like their investment strategy being tipped on its head to these law changes", said Michael Croker, head of tax at Chartered Accountants Australia & New Zealand.
"And that's not right".
However, since the company has already paid $600 in tax, he/she will be entitled to a refund from the ATO.
Without franking credits, companies would be taxed their profits, and individual shareholders would then be taxed on those same profits as well. This is called dividend imputation. This meant that if an imputation credit was greater than the tax liability, investors would receive a cheque at tax time.
"Labor's latest tax hike is a $59 billion slug on more than 1 million pensioners, retirees and low income earners who will get taxed twice by Labor on what they earn from investing their hard earned savings".
Self-managed super funds are major beneficiaries of the scheme, with some investors paying zero tax but still getting cash refunds of as much as $2.5 million a year.
In 2000/01, the federal budget was billions of dollars in surplus and the economic outlook was strong.
Shareholders will still get the tax imputation to reduce their tax liability.
If Labor wins the next election and introduces its tax plan, these refunds will cease.
Shadow treasurer Chris Bowen says the changes have the approval of the original system's architect, Mr Keating.
But Mr Morrison said low-income earners and pensioners would be taxed twice under the Labor plan because the government would no longer give them the cash. "Our back of an envelope figures show it will cut $5,000 of income from retirees earning about $50,000 a year", Mr Maroney said.
Ronda Rousey is not now backstage, despite WWE announcing her for every RAW until WrestleMania last week. Roman continued to get in his face, and Vince invited Roman to his office as the show went to commercial.
But they are just one loss ahead of the Denver Nuggets and San Antonio Spurs who now sit outside the post-season cutoff at 37-30. Paul George and Carmelo Anthony each scored 21 points on the night, while newly-acquired Corey Brewer added 16 points.
One of the wildly popular theories suggests that Kennedy's character is Iris and Barry's future daughter and speedster Dawn Allen. If that's the case, unless Hellberg is toying with the fans, do not expect Kennedy's character to be Jenni Ognats or Dawn Allen.
The indicator is non-directional meaning that it gauges trend strength whether the stock price is trending higher or lower. The Stock now has Analyst' mean Recommendation of 2.9 where the scale is from 1 to 5, 1 means Strong Buy and 5 means Sell.
Nicollet Investment Management Inc. purchased a new position in Union Pacific in the 4th quarter valued at about $1,751,000. The stock of Union Pacific Corporation (NYSE: UNP ) earned "Equal-Weight" rating by Morgan Stanley on Tuesday, February 23.
BMO Capital Markets set a $190.00 target price on McDonald's and gave the stock a "buy" rating in a research report on Monday. The fast-food giant reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.59 by $0.12.
RBI guidelines mandate that charges for non-maintenance of minimum balance in savings bank accounts be "reasonable". The amount was also almost half of the Rs 3,586 crore the bank earned as net profit from April to September.
Lanphear analyzed earlier U.S. government research from the National Health and Nutrition Examination Survey (NHANES). They were not, however, able to factor out the possible impact of exposure to arsenic or air pollution.
Keeping an eye out for glaucoma
With no symptoms and central vision lasting till last stage of glaucoma, people don't realise they are having the disease. However, the condition is symptomless in its early stages, and a regular eye test is the only way to detect it.
Pub Attack: Court acquits all the 26 accused
After the verdict, members of Sri Rama Sene celebrated by bursting crackers and distributing candies at Arya Samaj. The 3rd Judicial Magistrate of First Class Court in Mangaluru acquitted all accused citing lack of evidence.
West Indies to play 3 T20s in Karachi next month
Sparkling performances by Babar Azam (61 off 49) and Lendl Simmons (55 off 39) led Kings to score a competitive total. The result means Karachi Kings remain in third position with nine points, while Lahore remain rooted to the bottom.
US Defense Secretary Jim Mattis arrives in Kabul
Trump, on January 29, said that he sees no basis for peace talks as long as the Taliban are "killing people left and right". Defense Secretary Jim Mattis has arrived in the Afghan capital to facilitate a reconciliation with the Taliban government.
Gov. Cuomo tours NYCHA complex today
With Mr.de Blasio in Washington, two of his top aides met with reporters at City Hall to counter some of Mr. There, they will map out precisely what would be included in an emergency declaration.
Sarb to hold briefing on VBS Mutual Bank
The bank will continue to operate its transactional accounts and will be recovering loan repayments, he explained. The reason for this was given as "liquidity challenges which have plagued it for the past 18 months".
Lok Sabha adjourned till noon
However, Deputy Chairman of the Rajya Sabha PJ Kurien, who was in the Chair, said the House needs to be in order first. The government is apparently agreeable to having discussions on NPAs in banks, but without voting.
Bears expected to sign wide receiver Allen Robinson
He suffered a torn ACL last preseason and missed the whole year, but he expects to be ready for the start of 2018 training camp. Robinson is now in the middle of fielding offers from other teams during the NFL's 52-hour "legal tampering" period.