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 --

6,313 SIGNATURES
7,500 signatures

Will you sign?

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)
  • Jacoba van Kruistum
    signed 2019-04-30 19:12:17 +1000
  • Gary Kane
    signed 2019-04-30 13:33:56 +1000
  • Pam DiLorenzo
    signed 2019-04-30 13:23:28 +1000
    I get a few franking credits which I’m not going to lose, therefore in future this money will be set aside for “causes”, eg in SA right now “Public Parks not Private Playgrounds” .


    Reject greed!
  • Donna Boulton
    signed 2019-04-30 11:07:02 +1000
    Donna Boulton
  • Richard Bentley
    signed 2019-04-29 11:12:46 +1000
    Richard Bentley
  • Lawrence Lanesman
    signed 2019-04-26 14:55:38 +1000
  • Peter Evans
    signed 2019-04-26 14:03:16 +1000
  • Bill Cowley
    signed 2019-04-25 11:33:36 +1000
  • Stephen Kelly
    signed 2019-04-24 15:53:49 +1000
  • Janet Kay
    signed 2019-04-23 11:24:41 +1000
    Janet Kay
  • jennifer pierce
    signed 2019-04-22 19:06:30 +1000
    jennifer pierce
  • Don Stokes
    signed 2019-04-22 05:31:41 +1000
  • Geoff Saxby
    signed 2019-04-21 13:33:31 +1000
  • Mary Tapsall
    signed 2019-04-19 19:04:31 +1000
  • Terrence Keen
    signed 2019-04-19 18:43:57 +1000
  • Gayle Whatley
    signed 2019-04-19 15:58:43 +1000
  • Diane Blunt
    signed 2019-04-19 14:36:40 +1000
  • Richard Belcher
    signed 2019-04-18 19:16:19 +1000
  • Lee Cunningham
    signed 2019-04-18 14:57:32 +1000
  • Errol Pugh
    signed 2019-04-18 10:40:08 +1000
  • James Davis
    signed 2019-04-18 09:46:00 +1000
    James Davis
  • Thomas Mortimer
    signed 2019-04-18 09:42:59 +1000
  • Dennis Nestor
    signed 2019-04-18 09:30:51 +1000
  • Kathy Beahn
    signed 2019-04-18 08:33:11 +1000
  • Willem Westerbeek
    signed 2019-04-18 08:14:31 +1000
  • Kris 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.