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)
  • Glenda Browne
    signed 2019-02-23 08:30:45 +1100
    Glenda M Browne
  • Reiner Schuler
    signed 2019-02-23 08:30:42 +1100
  • Ken Butler
    signed 2019-02-23 08:30:32 +1100
  • Maxwell Sutter
    signed 2019-02-23 08:30:25 +1100
  • john jeayes
    signed 2019-02-23 08:30:06 +1100
  • Catriona Pyner
    signed 2019-02-23 08:30:01 +1100
    Catriona Pyner
  • Anita Gibson
    signed 2019-02-23 08:29:48 +1100
  • Fiona Trask
    signed 2019-02-23 08:29:25 +1100
  • John Sherborne
    signed 2019-02-23 08:29:11 +1100
  • Colleen Pearce
    signed 2019-02-23 08:29:04 +1100
  • Carolyn Ferris
    signed 2019-02-23 08:29:02 +1100
  • Brian Weavers
    signed 2019-02-23 08:28:57 +1100
  • Steven Douglas
    signed 2019-02-23 08:28:50 +1100
  • Jan Smith
    signed 2019-02-23 08:28:50 +1100
    Jan Smith
  • max nicholls
    signed 2019-02-23 08:28:48 +1100
  • Peter Lacey
    signed 2019-02-23 08:28:48 +1100
  • Robert Sullivan
    signed 2019-02-23 08:28:35 +1100
    Robert Sullivan
  • Donna Jansz
    signed 2019-02-23 08:28:25 +1100
  • Chris Leahy
    signed 2019-02-23 08:28:25 +1100
    It’s amazing how much some wealthy people are complaining.
  • Jo Clark
    signed 2019-02-23 08:28:23 +1100
  • Marion Ferguson
    signed 2019-02-23 08:28:22 +1100
    I’m retired on a part pension. I don’t receive franking credits. I’m doing fine!
  • tom redston
    signed 2019-02-23 08:28:21 +1100
  • Jenny Pender
    signed 2019-02-23 08:27:55 +1100
    Those receiving these franking credit payouts say they will be forced to go on welfare if the payments cease. Well they already are on welfare receiving money from the government for nothing with this loophole.
  • John Mackey
    signed 2019-02-23 08:27:40 +1100
  • Kevin Skinner-Smith
    signed 2019-02-23 08:27:40 +1100
    This is a disgusting waste of money.
  • Ark Griffin
    signed 2019-02-23 08:27:32 +1100
  • Mace Boston
    signed 2019-02-23 08:27:19 +1100
  • John Butcher
    signed 2019-02-23 08:27:10 +1100
  • Steve Blume
    @SteveBlume3 tweeted link to this page. 2019-02-23 08:27:09 +1100
    Sign the open letter: Close Unfair Tax Loopholes--End cash refunds for franking credits https://nb.tai.org.au/close_tax_loopholes?recruiter_id=300807
  • Steven Cofman
    signed 2019-02-23 08:26:57 +1100