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)
  • mandy gange
    signed 2019-02-23 08:22:13 +1100
    mandy gange
  • Gregory Dempsey
    signed 2019-02-23 08:22:13 +1100
  • Peter Cowden
    signed 2019-02-23 08:22:05 +1100
    Peter R Cowden
  • Pat Wundersitz
    signed 2019-02-23 08:21:29 +1100
  • christine butler
    signed 2019-02-23 08:21:20 +1100
  • Judith Whitworth
    signed 2019-02-23 08:21:15 +1100
  • paul wright
    signed 2019-02-23 08:21:06 +1100
  • Barnard Ward
    signed 2019-02-23 08:20:53 +1100
  • Paul Rees
    signed 2019-02-23 08:20:47 +1100
  • Barbara Trauer
    signed 2019-02-23 08:20:25 +1100
  • John Bartlett
    @beyond_estuary tweeted link to this page. 2019-02-23 08:20:22 +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=196586
  • Jennifer Wellard
    signed 2019-02-23 08:20:04 +1100
  • John Bartlett
    signed 2019-02-23 08:19:59 +1100
  • Helen Phillips
    signed 2019-02-23 08:19:32 +1100
  • Wayne Richmond
    signed 2019-02-23 08:19:01 +1100
  • Frances Seaborn
    signed 2019-02-23 08:18:48 +1100
    Stop the franking credits rort now!
  • Jim Feehely
    signed 2019-02-23 08:18:10 +1100
  • Noelle Kebby
    signed 2019-02-23 08:17:55 +1100
  • Carmine Bocchino
    signed 2019-02-23 08:17:34 +1100
    John Howard’s legacy of buying votes with his surplus. Morrison doing the samd!
  • Ian Goldsmith
    signed 2019-02-23 08:16:56 +1100
  • Donalea Patman
    signed 2019-02-23 08:16:52 +1100
  • Lisa Dennis
    signed 2019-02-23 08:16:45 +1100
  • Jo-Anne Kelder
    signed 2019-02-23 08:16:44 +1100
    Although I personally benefit from this law and I want it to go on the basis of fairness and wanting laws that make economic sense.
  • Ron Newman
    signed 2019-02-23 08:16:38 +1100
    The money that this Government spends on this outrageous loop hole should be stopped. The money raised could certainly be better targeted towards areas which will benefit the whole of society and not just the lucky few.
  • Moira Rayner
    signed 2019-02-23 08:16:32 +1100
  • Matthew Cropper
    signed 2019-02-23 08:16:29 +1100
  • Brendan Lloyd
    signed 2019-02-23 08:16:23 +1100
  • Edward Carter
    signed 2019-02-23 08:16:21 +1100
    Many of the beneficiaries of Franking Credit Refunds, describe themselves as SELF FUNDED RETIREES.

    There is nothing self-funded about this rort.

    Franking credits were intended to prevent double taxation, not to increase the untaxed income of those who can afford to structure their affairs to take advantage of loopholes deliberately created by those whose duty it is to represent ALL Australians rather than the wealthy.
  • Jaye Toole
    signed 2019-02-23 08:15:32 +1100
  • Tim Todhunter
    signed 2019-02-23 08:15:28 +1100