Discover and read the best of Twitter Threads about #FrankingCredits

Most recents (8)

How good are Franking Credits?... A thread 1/7
Go for that tax give away if you can get it.
Gather up every last cent in #Frankingcredits where possible...
And then redistribute it.
Be the govt we don't have.
#auspol
2/7 The #frankingcredit handout that goes mostly to shareholders with $2 M or more is set to continue indefinitely.
Over the next 10 yrs we'll need to find $58B for fund tax refunds to ppl who pay no tax.
And the election has simply made more ppl aware of this free money.
#auspol
3/7 There have now been calls to broaden or increase the GST to fund this unsustainable give away.
The media have forecast cuts to govt services to raise revenue.
No matter which way you look at it, the poor will be paying long & hard, for this #frankingcredit 'gift'.
#auspol
Read 7 tweets
Such crap: year I started uni HECS fees *doubled* (thus dumped on younger generations without any "grandfathering"). Where's lifetime costs of that factored in to concessions for my generation? & what of super tax rorts now closed off &therefore used exclusively by 65+?
A "right to rorts" = bullshit concept. Rules are changed on vulnerable in society all the time: so why are #frankingCredits so critical? A poor person might reasonably expect a roof over their head: oops, sorry, insufficient budget!
Wealthy stack of shares: CANT CHANGE RULES!
And let's look at the impact: having to shift your retirement portfolio to different shares or investment mix? For people in retirement they should be doing this anyhow and it sounds like many loaded up on a limited set of shares which is a terrible idea and very exposed.
Read 5 tweets
Tim, Tim, @TimWilsonMP - we’ve been through this:
-80% of the $6bn Australia spends on cash payments for #FrankingCredits goes to the wealthiest 20% of retirees
-50% of the total benefits go to the wealthiest 10% of SMSFs, with balances of $2.4m+

I wrote a helpful 🧵for you 👇
More women get cash for #FrankingCredits than men is because high-wealth households put passive income in the hands of the lower-marginal tax-rate person. On average, this is a woman.

In short, the wealthy use #FrankingCredits as a tax loophole.
Further:
-The top 1% of SMSFs by fund balance received a cash refund of $83,000 (on average) - an amount greater than the average full time salary.
-10% of the wealthiest households in 2015-16 owned nearly three quarters of the value of all shares in Australia.
Read 13 tweets
Here we go - #Budget2019 announcements in #FrankingCredits cash payments equivalents.
$2bn small business access to finance = 4 months of #FrankingCredits cash payments
$60 million for export market development grants = 3.7 days of #FrankingCredits cash payments
Read 27 tweets
So @TimWilsonMP was on @SkyNewsAust today making claims about “people being thrown below the poverty line” by Labor’s #FrankingCredits policy. Let’s examine this claim, and Tim’s understanding of “poverty” in Australia.
Tim told Sky viewers about a woman who was “earning less than $18k” and said she would lose $6k in franking credits (that is, the tax ‘refund’ she gets even though she pays no tax).
First of all, if all she earns is $18k, she is on a lower income right now than the aged pension.

Even with the $6k cash payment she receives from the goverment, she is still receiving just on what the aged pension provides.
Read 14 tweets
Antoinette Braybrook says #ParentsNext is another attempt to "income manage" for First Nations people. Data shows ATSI people have been disproportionately impacted by payment suspensions #auspol
Human Rights Commission president Rosalind Croucher says the AHRC is “gravely concerned” about compulsory and punitive approach of #ParentsNext. She says program is not compliant with Australia’s human rights obligations and has not been shown to meet its stated goals. #auspol
deleted and reposted tweet about Croucher's comments as I misstated her title
Read 32 tweets
1/ Ok, so I'm getting a little sick of the #FrankingCredits debate. I'm a tax accountant and I deal with franking credits all the time, so here's a few numbers: #auspol
2/ Let's look at a person who has a "modest" franking credit refund of $20,000. This person will also have a "Franked dividend" of ~$46,600. That's $46,600 of cash (or potentially reinvestment, more on that later).
3/ Now, the value of these shares (based on a 4% dividend yield, which is the average market yield), would be $1,165,000. Yes, that's 1 million, 1 hundred and 65 thousand.
Read 6 tweets
Here is my message to @billshortenmp odds are that you will be the next PM of Australia 🇦🇺 post the next Federal Election. I ask you to focus on the following concerns:
1. #ClimateChangeIsReal we need to treat this as a national emergency. If strategies are not put in place ...
... now then what kind of environment will be the “norm” for your children and grandchildren?
2. Stagnating wage and poor employment conditions for those not earning the “average” wage in Australia. Restoration of penalty rates. We need wage growth. Fairness surrounding .......
... taxation of the rich. I agree with your #FrankingCredits policy and ask you to investigate the #negativegearing corporate welfare provided to those that have multiple investment properties. I am not saying get rid of it altogether but there again needs to be fairness.........
Read 6 tweets

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