Social media has risen up against Fremantle yachtie Steve Gledhill, a retired boat lover who complains Labor’s franking credit policy will put a big dent in his luxury retirement.

The 71-year-old caused outrage after he appeared on ABC-TV’s 7.30 to complain, while munching on a Tim Tam aboard his yacht.

Mr Gledhill, who emigrated from the UK to Australia in 1986, confessed to having owned eight boats in total, with each successive craft getting “a little bit better and bigger every time”.

Under the current franking credit scheme, which Opposition Leader Bill Shorten promises to scrap if he becomes the next Prime Minister, Mr Gledhill earns about $15,000 a year.

The controversial scheme, which has become a political football in the election campaign, means shareholders get a tax deduction for nothing.

Dividends distributed to shareholders by companies are deemed “fully franked”, allowing the shareholder to obtain the value of the franking credit as a tax refund.

Mr Gledhill told 7.30 Labor’s policy would cost him 30 per cent of the up to $50,000 income he earns on a half million-dollar superannuation account.

Mr Gledhill, who retired 10 years ago, said owning eight boats over a 40-year period did not mean he and his wife Julie were rich.

“There’s an assumption that if you own a boat, you’re a wealthy person. In our case, that couldn’t be further from the truth,” he said.

“As I said earlier, this is my eighth boat. I’ve gone a little bit bigger and a bit better every time I’ve done it over a 40-year period.”

“There’s an assumption that if you own a boat, you’re a wealthy person,” he told the ABC, which described him as “seething” about the Labor policy. “In our case, that couldn’t be further from the truth.

“The franking credit proposal is the most unfair proposal and hostile proposal I’ve ever heard or seen of in my life.”

The scheme, also called Dividend Imputation, was introduced by the Hawke-Keating Government in 1987, but was amended in 2001 during John Howard’s prime ministership in favour of the taxpayer.

The completely legal scheme has been described by Mr Shorten as “not immoral, nor is it illegal, but it’s a gift”.

RELATED: How the franking credit loophole works

“It is a gift that is eating our budget. It is now costing our nation over $6 billion a year, and pretty soon it will cost $8 billion.

“You’re already on the public purse.”

ALP supporters have been more pointed about the scheme. In response to the 7.30 program, Twitter user @MsRebeccaRobins tweeted: “#FrankingCredits one rule for the Liberals one rule for the rest of us”.

Not a question but just tell Steve (greedy) Gledhill that the #rort is over and to start digging into his own reserves of 💰cash! The effrontery of these #liberalrorters makes my skin crawl. Tax credits for tax you don’t pay..”Oh Plz do me a favour!! #LiberalismIsAMentalDisorder — The Ox (@oxy1704) May 2, 2019

Former MP Tony Windsor tweeted that he thought the interview was satire. “He will be in election ads for ALP,” Mr Windsor said.

He said the interview had to be “a set up ... one can’t be that silly”, adding: “#TimTams #frankingcredits Satire.”

Another Twitter user took the opportunity to make a policy argument against franking credits.

“A wealthy retiree relaxing on his luxury cruiser, complaining about losing his franking credit ... OR ... more money for our public schools and hospitals... YOU CHOOSE”.

#auspol #AusVotes19 .@billshortenmp .@AustralianLabor Guys you so need to see this https://t.co/pJUpCcsDXp Mr Steve Gledhill from Perth arrived OZ 1986 and no gets #FrankingCredits one rule for the Liberals one rule for the rest of us .@KKeneally — MsRebeccaRobins (@MsRebeccaRobins) May 2, 2019

The man on the boat would have to be a setup ...one can’t be that silly . He will be in election ads for the ALP ....#TimTams #frankingcredits Satire. https://t.co/PID7sK0mCJ — Tony Windsor (@TonyHWindsor) May 1, 2019

Another said: “ABC 730 just had a 71-year-old retiree complaining about franking credit changes and how he’s been hard done by because his cushy tax loophole’s being closed whilst sitting on his BOAT.”

But some online commentators took a different view, saying the ABC was pretending that all retirees typically “have boats”.

Prime Minister Scott Morrison and Treasurer Josh Frydenberg have argued against Mr Shorten’s plan to scrap franking credits, saying it would affect many low-income earners.

candace.sutton@news.com.au