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)
  • Rod Jamieson
    signed 2019-02-23 08:15:18 +1100
    It can’t be a refund if it is in excess of what was originally paid in tax, so how about calling it a donation, a gift for having unused franking credits.
  • Allan Downie
    signed 2019-02-23 08:15:11 +1100
  • Van Davy
    signed 2019-02-23 08:14:44 +1100
  • Melinda Spink
    signed 2019-02-23 08:14:31 +1100
  • Stuart Richmond
    signed 2019-02-23 08:14:30 +1100
  • Juanita Van Dam
    signed 2019-02-23 08:14:19 +1100
  • Harry Spratt
    signed 2019-02-23 08:14:12 +1100
  • Lila
    @Lila33 tweeted link to this page. 2019-02-23 08:14:06 +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=231252
  • Sian Priya Woolston
    signed 2019-02-23 08:14:00 +1100
  • Anita Masson
    signed 2019-02-23 08:13:41 +1100
  • Sherridan Emery
    signed 2019-02-23 08:13:38 +1100
  • Michael Nay
    signed 2019-02-23 08:13:28 +1100
    Michael Nay
  • heather albrecht
    signed 2019-02-23 08:13:24 +1100
  • Jackson Brown
    signed 2019-02-23 08:13:21 +1100
    Jackson Fairhurst Brown
  • Ern Kotlash
    @KotlashErn tweeted link to this page. 2019-02-23 08:13:20 +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=300801
  • Ella Drake
    signed 2019-02-23 08:13:19 +1100
  • Josh Andrews
    signed 2019-02-23 08:12:57 +1100
    seen in the Saturday Paper – good take
  • Ryan Carr
    signed 2019-02-23 08:12:56 +1100
  • Ern Kotlash
    signed 2019-02-23 08:12:54 +1100
  • Ian McLaughlin
    signed 2019-02-23 08:12:49 +1100
  • Wendy Joyce
    signed 2019-02-23 08:12:48 +1100
  • Mani Berghout
    signed 2019-02-23 08:12:42 +1100
  • Sandy Wilder
    signed 2019-02-23 08:12:29 +1100
    Love your work AI
  • John Tougher
    signed 2019-02-23 08:12:27 +1100
  • Janet Miller
    signed 2019-02-23 08:12:27 +1100
    The rich get richer and the poor get the picture
  • Meg Boyd
    signed 2019-02-23 08:12:27 +1100
  • Janice Davey
    signed 2019-02-23 08:12:25 +1100
  • Jutta Horobin
    signed 2019-02-23 08:12:21 +1100
  • Peter Dufferin
    signed 2019-02-23 08:12:12 +1100
    Inequality and environmental destruction are the two main factors threatening our future.
  • Chris Hughes
    signed 2019-02-23 08:12:11 +1100