Close Unfair Tax Loopholes: End cash refunds for franking credits

The complexity of the Australian tax system hides many loopholes, one of the most unfair is the fact that some of Australia’s wealthiest citizens pay negative tax. The tax office actually pays money to people who have paid no tax themselves, and these people are some of the wealthiest in the country. 

It's time this perverse tax loophole was closed.

Only by closing unfair tax loopholes can Australia implement progressive reforms like strengthening the social safety net, building social housing, investing in schools and universities, addressing climate change and improving health care.

 

We, the undersigned--

Call upon the Australian Parliament to guarantee that the tax system treats all Australians fairly and raises the revenue our community needs to fund vital services. Low income workers should not pay more tax than millionaires.

We call upon the Australian Parliament to abolish the practice of providing cash refunds for unused franking credits to people who pay zero tax, introduced by the Howard Government in 2000.

The policy mainly benefits the most wealthy of Australians and no other country does this. Currently, the Federal Government spends more on refunding franking credits than it does on funding public schools.

It's time to end this tax bonus for those who pay no tax.

ADD YOUR NAME --

3,811 SIGNATURES
5,000 signatures

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The Australia Institute research:

  1. Australia is a low taxing country
  2. Australia is the only country in the world to refund excess franking credits to people who do not pay tax (2015, 2018)
  • Vicki Bonventi
    signed 2019-02-24 16:00:31 +1100
    I am appalled at where the $ profits from the Mining Boom went. To infrastructure? To public education? To Health?

    Nope. To the already wealthy to buy votes.

    Australia could have been so much better off.
  • Craig Horgan
    signed 2019-02-24 15:58:37 +1100
  • Jennifer Loverock
    signed 2019-02-24 15:54:15 +1100
    Im also interested in people withdrawing income from super and not having to pay tax on it just because they might have paid tax on it when money was placed in their superfund. I think anyone who earns an income even from their super funds has an obligation to pay tax on it.
  • John Boucher
    signed 2019-02-24 15:53:33 +1100
  • Patricia Winter
    signed 2019-02-24 15:50:39 +1100
    Robin Winter
  • James Oliveri
    signed 2019-02-24 15:49:39 +1100
  • Rosemary Jones
    signed 2019-02-24 15:45:11 +1100
    At last someone had got it right its not a refund, its a bonus!
  • Paul Willey
    signed 2019-02-24 15:45:04 +1100
  • Glenn Dalton
    signed 2019-02-24 15:43:03 +1100
  • Annie Delaney
    signed 2019-02-24 15:42:36 +1100
  • Susan Buchanan
    signed 2019-02-24 15:41:47 +1100
  • James Adonopoulos
    signed 2019-02-24 15:41:33 +1100
  • Ann Lyons Wright
    signed 2019-02-24 15:41:29 +1100
  • Anne Royal
    signed 2019-02-24 15:41:28 +1100
    I would also like to see an end to the frenzy whipped up by this government among retirees being duped into self-righteous aggrieved indignation over this blatantly wrong refund.
  • Colin Ball
    signed 2019-02-24 15:37:32 +1100
  • Brad Stammers
    signed 2019-02-24 15:36:58 +1100
  • Rena Clark
    signed 2019-02-24 15:36:13 +1100
  • Margaret Lewis
    signed 2019-02-24 15:35:38 +1100
  • Steven Scriven
    signed 2019-02-24 15:33:58 +1100
  • Melissa Dryden
    signed 2019-02-24 15:33:13 +1100
    Melissa Dryden
  • Vicki Kyriakakis
    signed 2019-02-24 15:30:35 +1100
  • Iris Domeier
    signed 2019-02-24 15:30:03 +1100
  • Colleen Finn
    signed 2019-02-24 15:27:28 +1100
  • Andrew Priest
    signed 2019-02-24 15:26:57 +1100
  • Alex O'Connor
    signed 2019-02-24 15:26:42 +1100
  • Valerie Boas
    signed 2019-02-24 15:26:31 +1100
  • Lester Irving
    signed 2019-02-24 15:22:34 +1100
  • Philip Lovelock
    signed 2019-02-24 15:22:22 +1100
  • Renee Huntley
    signed 2019-02-24 15:21:16 +1100