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)
  • Simon Purdy
    signed 2019-05-12 10:54:48 +1000
  • John Barnett
    signed 2019-05-09 10:22:47 +1000
    John Barnett
  • Cathy Hay
    signed 2019-05-09 09:51:04 +1000
  • Chris Cotton
    signed 2019-05-09 09:50:15 +1000
  • Mitchell Jones
    signed 2019-05-08 11:06:08 +1000
    Mitchell Jones
  • Phil Shaw
    signed 2019-05-08 09:08:04 +1000
  • Anders Ross
    signed 2019-05-07 13:31:41 +1000
  • Andrew Scully
    signed 2019-05-06 21:39:01 +1000
  • James Hambrook
    signed 2019-05-06 12:19:25 +1000
  • Angela Hutchins
    signed 2019-05-06 06:46:23 +1000
  • Anna Pha
    signed 2019-05-05 17:29:20 +1000
  • Max Hooper
    signed 2019-05-05 14:43:22 +1000
  • Carla Begbie
    signed 2019-05-05 08:50:47 +1000
  • Harry Green
    signed 2019-05-05 07:53:23 +1000
  • Mitchell Hodges
    signed 2019-05-03 21:22:35 +1000
    Mitchell Hodges
  • Ian Vinen
    signed 2019-05-03 15:50:30 +1000
  • Sheila Lunn
    signed 2019-05-02 04:31:50 +1000
  • genevieve walton
    signed 2019-05-01 15:37:47 +1000
  • Michael Tierney
    signed 2019-05-01 10:36:31 +1000
  • 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
  • William Cowley
    signed 2019-04-25 11:33:36 +1000
  • Stephen Kelly
    signed 2019-04-24 15:53:49 +1000