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 --

6,282 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)
  • Michael Myer
    signed 2019-02-23 08:00:29 +1100
    Franking credit were a Labor initiative to stamp out double taxation of dividends. They were not devised to pay cash refunds to people who have a tax rebate below the company tax rate. This was a Costello initiative to buy the votes of the well off. It is a rort and must be removed. There are enough methods the well off have to minimize tax and this one is one too many.
  • Pascale Maitrepierre
    signed 2019-02-23 08:00:21 +1100
  • Andrew Kimmins
    signed 2019-02-23 08:00:10 +1100
    Andrew Kimmins
  • Tony Smith
    signed 2019-02-23 08:00:03 +1100
  • Robert & Tipawan King
    signed 2019-02-23 08:00:00 +1100
  • john sheeran
    signed 2019-02-23 07:59:43 +1100
  • Peter Goonan
    signed 2019-02-23 07:59:40 +1100
  • Jonathan Temple
    signed 2019-02-23 07:58:58 +1100
  • Robert Auld
    signed 2019-02-23 07:58:46 +1100
  • Vicki Sullivan
    signed 2019-02-23 07:58:46 +1100
    Vicki Sullivan
  • Kathy Petrik
    signed 2019-02-23 07:58:45 +1100
  • Lachlan Whan
    signed 2019-02-23 07:58:43 +1100
  • Robyn Braithwaite
    signed 2019-02-23 07:58:41 +1100
  • Al Rainnie
    signed 2019-02-23 07:58:40 +1100
  • Phlyssa Koshland
    signed 2019-02-23 07:58:26 +1100
  • Helen Kerr
    signed 2019-02-23 07:58:22 +1100
  • Kylie Jacques
    signed 2019-02-23 07:58:22 +1100
  • David Quinn
    signed 2019-02-23 07:58:17 +1100
  • Rob Rimmer
    @SavLance75 tweeted link to this page. 2019-02-23 07:58:01 +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=193159
  • Penleigh Boyd
    signed 2019-02-23 07:58:00 +1100
    Tax is the price for a civilised society. Pay up happily.
  • Robert Rimmer
    signed 2019-02-23 07:57:43 +1100
  • Kerry Gatliff
    signed 2019-02-23 07:57:41 +1100
  • janet thompson
    signed 2019-02-23 07:57:31 +1100
  • Aaron Knoblock
    signed 2019-02-23 07:57:28 +1100
    Aaron knoblock
  • Richard Nielsen
    signed 2019-02-23 07:57:06 +1100
  • Geoff Bentley
    signed 2019-02-23 07:57:01 +1100
  • David Burnett
    signed 2019-02-23 07:56:40 +1100
  • Matthew Withers
    signed 2019-02-23 07:56:14 +1100
  • Bob Lee
    signed 2019-02-23 07:56:05 +1100
  • Denise Taylor
    signed 2019-02-23 07:55:49 +1100