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)
  • Deni Stepic
    signed 2019-04-17 16:53:38 +1000
  • Adrienne 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
  • Hayley Giniunas
    signed 2019-04-14 16:05:01 +1000
  • Martin Schwarz
    signed 2019-04-14 11:23:54 +1000
    Wages earned=Income=fully taxed.

    Investment rental property=Income=fully taxed.

    Bank interest earned=Income=Fully taxed.

    Company/Corporations profit=taxed. Dividends released=Income=fully taxed. Franking credits isn’t fair.

    Abolish all loop holes. Mandatory Medicare levy on gross income.
  • Cate Ealing
    signed 2019-04-11 12:15:09 +1000
  • Gerry Kregor
    signed 2019-04-10 12:21:00 +1000
  • john van horssen
    signed 2019-04-09 19:28:24 +1000
  • Bradley Powe
    signed 2019-04-08 13:32:16 +1000
  • Ashley Molloy
    signed 2019-04-07 10:55:42 +1000
    Ashley Molloy
  • Ilithyia Bone
    signed 2019-04-05 10:19:11 +1100
    I am one of the lucky ones. Let’s recognise our luck and share it around a bit better
  • Sandra Graham
    signed 2019-04-02 22:51:30 +1100
  • Aaron Devitt
    signed 2019-04-02 20:04:37 +1100
    Aaron Devitt
  • Robin Kitching
    signed 2019-04-02 12:04:31 +1100
    I am on the aged pension and have a minute shareholding and consider that if the franking credits on those shares bring me up to having a taxable income I would be happy to pay it. Robin Kitching