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)
  • Kristine Barnden
    signed 2019-04-18 08:06:18 +1000
  • Thessalie Reeders
    signed 2019-04-18 01:31:10 +1000
    I am a self-funded retiree who has benefited from franking credit refunds and I fully support abolishing them so the government can fund more much needed services. I must say have been gobsmacked at the generous tax treatment we receive generally.
  • Jenn Phizacklea
    signed 2019-04-18 01:21:16 +1000
  • Laraine Ruthborn
    signed 2019-04-18 01:16:51 +1000
  • Jen Gardiner
    signed 2019-04-18 00:45:13 +1000
  • Ann Leonard
    signed 2019-04-17 23:27:04 +1000
  • Mark Morales
    signed 2019-04-17 23:00:36 +1000
  • Caroline Ashmeade
    signed 2019-04-17 20:31:02 +1000
  • Arnhem Hunter
    signed 2019-04-17 19:43:06 +1000
  • Marj Munro
    signed 2019-04-17 19:29:28 +1000
    I really appreciate the common sense analysis of the Australia institute
  • Christopher Rawlinson
    signed 2019-04-17 19:01:44 +1000
  • Roselt Croeser
    signed 2019-04-17 16:57:35 +1000
  • Deni Stepic
    signed 2019-04-17 16:53:38 +1000
  • Ade Beck
    signed 2019-04-17 16:04:19 +1000
  • Jenny Fay
    signed 2019-04-17 15:27:27 +1000
    It’s welfare for the wealthy. Spend it on health instead.
  • Lee McManus
    signed 2019-04-17 15:16:14 +1000
  • Fiona Dewhirst-Daniel
    signed 2019-04-17 14:20:51 +1000
  • Philippa King
    signed 2019-04-17 14:16:19 +1000
    Philippa King
  • Jeff Foulkes
    signed 2019-04-17 14:07:14 +1000
  • Irene Wishart
    signed 2019-04-17 13:55:20 +1000
    Irene Wishart
  • David milton
    signed 2019-04-17 12:54:48 +1000
  • Leigh Howlett
    signed 2019-04-16 18:50:36 +1000
  • Mitchell Naylor
    signed 2019-04-16 15:08:45 +1000
  • John Lucy
    signed 2019-04-16 13:47:15 +1000
  • John Westwood.
    signed 2019-04-16 13:12:40 +1000
  • Adam Rundell
    signed 2019-04-16 11:18:10 +1000
  • Sandra Whitty
    signed 2019-04-16 10:15:47 +1000
  • Gough whitlam
    signed 2019-04-15 13:59:18 +1000
  • Frances Williamson
    signed 2019-04-14 16:39:02 +1000
  • Richard Williamson
    signed 2019-04-14 16:32:05 +1000