The Turnbull government has been accused of making “deeply misleading” claims about Labor’s divisive new tax policy as new research counters fears about 610,000 taxpayers on low incomes.

The new analysis rejects claims from Treasurer Scott Morrison about the impact on Australians earning less than $18,200 a year who could be vulnerable to the Labor policy to cancel cash refunds that cover the tax credits on their share dividends.

Grattan Institute researchers Brendan Coates and Danielle Wood conclude that most of those affected by Labor’s new policy are “far from being low-income earners” because the use of the $18,200 figure gives a misleading impression of their overall wealth.

Treasurer Scott Morrison has been accused of misleading the public on the impact of Labor's tax policy. Credit:Alex Ellinghausen

“The government claims that 54 per cent of people affected by Labor’s policy - some 610,000 individuals - have taxable incomes of less than $18,200,” Mr Coates and Ms Wood wrote on Tuesday.