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.

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6,291 SIGNATURES
7,500 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)
  • Trish Furlong
    signed 2019-03-14 18:26:54 +1100
  • anne wilson
    signed 2019-03-14 16:59:15 +1100
  • Kerry Noda-Milne
    signed 2019-03-14 15:34:35 +1100
  • Jenny Cameron
    signed 2019-03-14 14:23:36 +1100
  • Andrew McPhail
    signed 2019-03-14 10:55:35 +1100
  • Richard McIntyre
    signed 2019-03-14 10:52:58 +1100
  • Janet Catesby
    signed 2019-03-14 10:32:23 +1100
    Janet Catesby
  • Shaun Mcewan
    signed 2019-03-14 10:04:53 +1100
  • Robert Brooke
    signed 2019-03-14 07:48:41 +1100
  • Julia Doulman
    signed 2019-03-14 07:47:14 +1100
  • Geri Shields
    signed 2019-03-14 07:36:02 +1100
    Get LIBERALS out before they ruin this country completely.
  • Anj Palmer
    signed 2019-03-14 07:34:23 +1100
  • Merrilyn Wasson
    signed 2019-03-14 03:34:19 +1100
    Why should my children pay taxes for the ridiculous, unearned rort that is franking credits.
  • Carole Hayes
    signed 2019-03-14 00:11:38 +1100
  • Mark Buttigieg
    signed 2019-03-13 23:04:06 +1100
  • Annie Nash
    signed 2019-03-13 22:53:37 +1100
  • sandra copley
    signed 2019-03-13 22:16:59 +1100
  • Paul Giles
    signed 2019-03-13 21:54:59 +1100
  • Inge Mitchell
    signed 2019-03-13 21:02:09 +1100
    We are self funded superannuants who are comfortable, but far from wealthy. Last fin year we received $8,000 in franking credits. It wont make us destitute should franking credits be eliminated.

    In our opinion our current tax system should be scrapped and replaced with a debit tax or financial institution transaction tax.

    Why is no-one seriously arguing for and researching into the many benefits to the majority of Australians of this tax?

    Could it be that such an overhaul would offend too many who currently use our tax system to avoid paying their "progressive"share?
  • Su Hinton
    signed 2019-03-13 20:33:28 +1100
  • Roslyn Hackshaw
    signed 2019-03-13 20:31:22 +1100
    Roslyn Hackshaw
  • Ian Parmenter
    signed 2019-03-13 20:28:25 +1100
    Make the top 50 companies who pay NO tax… pay up. All our problems solved…
  • Paul Judge
    signed 2019-03-13 20:07:02 +1100
    Paul Judge
  • Rosemary Gray
    signed 2019-03-13 19:51:33 +1100
    Rosemary Gray
  • Ann Christensen
    signed 2019-03-13 19:23:07 +1100
  • Clinton Wearing
    signed 2019-03-13 19:07:22 +1100
    It is a disgrace when one gets a tax refund and hasn’t paid tax.
  • Rod Hall
    signed 2019-03-13 18:58:31 +1100
  • John Wooler
    signed 2019-03-13 18:44:53 +1100
  • Sharon Reminis
    signed 2019-03-13 18:43:25 +1100
  • Margaret Farquharson
    signed 2019-03-13 18:36:31 +1100