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

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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)
  • Catherine 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
  • Brad Powe
    signed 2019-04-08 13:32:16 +1000
  • Ashley Molloy
    signed 2019-04-07 10:55:42 +1000
    Ashley Molloy
  • Ili 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
  • Brenton Howe
    signed 2019-04-01 14:01:43 +1100
    The Australian “fair go” is a sham.
  • Daniel Hablethwaite
    signed 2019-04-01 09:42:12 +1100
  • John Barnes
    signed 2019-03-31 11:19:49 +1100
  • Jennifer Bolderrow
    signed 2019-03-30 19:16:09 +1100
    Ray Purves. I used to benefit from this lurk in a very small way, and always thought it was bizarre. I’s much rather see many more public services.
  • Dan Jones
    signed 2019-03-28 08:48:59 +1100
  • Michael Niemira-Dowjat
    signed 2019-03-27 17:11:54 +1100
  • Karen Loblay AM
    signed 2019-03-27 16:18:54 +1100
  • ann michielsen
    signed 2019-03-27 14:18:00 +1100
  • Phillip Harris
    signed 2019-03-26 15:43:33 +1100
  • Tim Cornwall
    signed 2019-03-25 16:49:58 +1100
  • Philip Piggin
    signed 2019-03-24 23:08:20 +1100
  • Hayden Champion
    signed 2019-03-23 22:32:24 +1100
  • Meredith Hinchliffe
    signed 2019-03-23 18:19:30 +1100
  • Maureen Clifton
    signed 2019-03-23 16:44:00 +1100
  • Fern Hunter
    signed 2019-03-23 06:31:02 +1100
    Fern Hunter
  • Jo Bolam
    signed 2019-03-22 19:57:20 +1100
    Jo Bolam
  • Declan Jones
    signed 2019-03-22 10:18:32 +1100
    Declan Jones
  • Joseph Haddon
    signed 2019-03-21 16:14:06 +1100
  • bob webster
    signed 2019-03-19 18:38:26 +1100
  • Helen Willis-Smith
    signed 2019-03-19 17:32:22 +1100
    Helen Willis-Smith