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 --

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)
  • Bob Morgan
    signed 2019-03-12 22:54:12 +1100
  • Elaine Fletcher
    signed 2019-03-12 20:01:43 +1100
    i understand that these people will feel deprived, but it is unfair to other people who cannot afford shares because of very low wage or being unable to work or on pensions. We paid taxes, we still do in some cases .but we get very little back. they pay NO tax but get tax back. It’s costing the country billions that could be used on more important things, like climate change, schools and medical
  • Robert Arthur
    signed 2019-03-12 18:25:34 +1100
    Robert Arthur
  • Matt Ryan
    signed 2019-03-12 16:47:31 +1100
  • Yook-Tau Pang
    signed 2019-03-12 13:20:33 +1100
  • Robert Collishaw
    signed 2019-03-12 13:03:30 +1100
    Robert Collishaw
  • david newton
    signed 2019-03-12 12:30:03 +1100
  • Peter Young
    signed 2019-03-11 18:28:36 +1100
    I agree – and also re- introduce the taxing of super- annuants [of which I am one] and increase the funding of PUBLIC schools and universities.
  • John Reynolds
    signed 2019-03-11 13:48:30 +1100
  • David Fry
    signed 2019-03-11 09:33:28 +1100
  • Dean Nikolaou
    signed 2019-03-11 07:49:59 +1100
  • Anne Turner
    signed 2019-03-10 20:42:21 +1100
    Anne Turner
  • Maureen Wegner
    signed 2019-03-10 19:17:29 +1100
    Maureen Joan Wegner
  • C Durban
    signed 2019-03-10 18:15:09 +1100
  • Sheila McInnes
    signed 2019-03-10 14:15:57 +1100
    At present I get refunds but am happy to do without in the interest of fairness to all. Sheila McInnes
  • Frances Corcoran
    signed 2019-03-10 12:16:03 +1100
    Frances Corcoran
  • Heather Holland
    signed 2019-03-10 10:44:48 +1100
  • Robert Samuels
    signed 2019-03-10 08:53:39 +1100
  • Mitchell Watson
    signed 2019-03-10 07:56:29 +1100
  • Neil Rogers
    signed 2019-03-10 06:37:05 +1100
  • Marjorie Allen
    signed 2019-03-10 06:32:34 +1100
  • Rose Shirvell
    signed 2019-03-10 03:31:46 +1100
  • Kate Gilchrist
    signed 2019-03-10 02:47:50 +1100
  • Alison Newton
    signed 2019-03-10 02:01:06 +1100
  • Dean Allen
    signed 2019-03-10 00:07:04 +1100
    Dean Lewis Allen
  • tim robin
    signed 2019-03-10 00:00:09 +1100
  • Saed Bshara
    signed 2019-03-09 23:33:48 +1100
  • Les B
    signed 2019-03-09 23:06:07 +1100