A parliamentary inquiry into Labor’s $55 billion dividend imputation policy has been inundated with complaints from retirees about the proposal to strip tax refunds from investors, including one who called it "abhorrent".

The unusual inquiry has received more than 240 submissions and while the vast majority are critical of the proposed wind-back, some came from people who currently benefit from the tax credit and argue that the change would be fair.

Retirees have made hundreds of submissions to a Parliamentary inquiry. Credit:Andrew Quilty

In a sign the Coalition intends to weaponise the issue in the lead up to the next federal election, Treasurer Josh Frydenberg ordered the probe into the opposition policy in September despite inquiries historically being reserved for government policy or broad areas of reform.

Labor has gambled many of the voters outraged by the policy are already locked in behind the Coalition. The change would eliminate a cash refund of as much as $5000 on share dividends for up to 1.1 million voters who do not pay any tax.