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 --

6,343 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)
  • Nicola Parin
    signed 2019-02-23 07:53:20 +1100
  • Marc Skjellerup
    signed 2019-02-23 07:52:55 +1100
  • Mary Hedges
    signed 2019-02-23 07:52:42 +1100
    Mrs Mary Hedges
  • Jacob Kelly
    signed 2019-02-23 07:52:36 +1100
  • Meg Paul
    signed 2019-02-23 07:51:12 +1100
  • sandra kemp
    signed 2019-02-23 07:50:14 +1100
  • Lesley Laing
    signed 2019-02-23 07:21:27 +1100
  • Ben Garrard
    signed 2019-02-23 07:19:58 +1100
    The way the government chooses to spend our tax is a reflection of our values as a nation. Do we value the interest of a few thousand already wealthy individuals or do we value services for communities that will improve the welfare of hundred of thousands of people who are not already wealthy? It seems like a very easy decision to me.
  • john miller
    signed 2019-02-23 06:00:55 +1100
  • Kade Smith
    signed 2019-02-15 22:42:20 +1100
  • Ebony Bennett
    published this page in Petitions 2019-02-12 10:09:35 +1100