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)
  • John Isherwood
    signed 2019-03-09 22:32:48 +1100
    John Isherwood Isherwood
  • Tim Neild
    signed 2019-03-09 22:25:47 +1100
  • Margaret Burns
    signed 2019-03-09 21:38:50 +1100
  • Geoff Morrissey
    signed 2019-03-09 21:24:09 +1100
  • Heather Ring
    signed 2019-03-09 20:34:31 +1100
    A cash back ATO refund for imputation credits should NOT be paid when u have not paid taxation to claim this imputation credit against – no tax Payment = no cash refund. $6 billion is far better spent on health care n education.
  • Karthi McIntyre
    signed 2019-03-09 20:31:47 +1100
    Don’t cave to the misinformation out there. Stay the course.
  • Trish Allan
    signed 2019-03-09 19:25:17 +1100
  • Stefanus Piening
    signed 2019-03-09 19:16:41 +1100
  • Sue Ferdinando
    signed 2019-03-09 18:33:24 +1100
  • Phillip Ponton
    signed 2019-03-09 18:13:38 +1100
  • Paulene Kible
    signed 2019-03-09 17:38:41 +1100
  • Ian Watt
    signed 2019-03-09 17:11:25 +1100
  • Judith Toller
    signed 2019-03-09 16:12:53 +1100
  • Nick
    signed 2019-03-09 16:07:46 +1100
  • Darlene King
    signed 2019-03-09 15:37:10 +1100
  • Corrie Vanderhoek
    signed 2019-03-09 15:32:05 +1100
    Corrie Vanderhoek
  • Garry Kearnes
    signed 2019-03-09 15:01:43 +1100
  • Janet McNeill
    signed 2019-03-09 14:56:27 +1100
    It’s unbelievable that people believe it’s fair for people who pay no tax to receive a tax refund. How unfair is that?
  • Josina Metcalfe
    signed 2019-03-09 14:49:14 +1100
    So those who can’t afford to have over 1 mil. in retirement funds and be rewarded with tax payer’s money from Franking Credits, where they paid NO TAX, is inequitable despite what the LNP say. This money should be for future generations not those already cashed up…they earn dividends from said shares, it is just greed.
  • Lynne Dorney
    signed 2019-03-09 14:27:20 +1100
  • Roy Edwards
    signed 2019-03-09 13:47:45 +1100
  • Robin Harris
    signed 2019-03-09 13:44:29 +1100
  • Diane Openshaw
    signed 2019-03-09 13:41:47 +1100
  • Noel Mackenzie
    signed 2019-03-09 13:11:31 +1100
  • Neica Hall
    signed 2019-03-09 13:10:14 +1100
    Time Government funding went to the people who need help not the greedy.
  • Ruth Lawrence
    signed 2019-03-09 13:09:09 +1100
    Ruth Lawrence
  • Sam Watson
    signed 2019-03-09 13:08:55 +1100
  • Craig Daniels
    signed 2019-03-09 13:04:08 +1100
  • Ko
    signed 2019-03-09 13:00:54 +1100
    Close this unfair Howard/Costello loop hole
  • Troy Thrace
    signed 2019-03-09 12:57:22 +1100