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Ok, to sum up (and thanks to @GrogsGamut for the PBO link):
The number of people affected by the franking credits thing is approx 880,000 (based on 2014-15 figures)
So about 6% of taxpayers
About them:
71% of all shares are held by those with net worth of $1.97 mil+
The number of people affected by the franking credits thing is approx 880,000 (based on 2014-15 figures)
So about 6% of taxpayers
About them:
71% of all shares are held by those with net worth of $1.97 mil+
52.7% of all such credits go to funds with balances >$2.5 mil
0.5% go those with balances between 0-$92K
In 2001 such credits ('refunds' to ppl who paid no tax) cost $550 mil a year
By 2014-15, that had risen to $5.9 billion!
In same period we spent $5.2 billion on public schools
0.5% go those with balances between 0-$92K
In 2001 such credits ('refunds' to ppl who paid no tax) cost $550 mil a year
By 2014-15, that had risen to $5.9 billion!
In same period we spent $5.2 billion on public schools
Labor is not stopping franking credits
They are not stopping dividends
All their proposal means is you can no longer exchange franking credits for cash
IOW: you don’t get a refund on tax some company (and not you) has paid
You can only offset them against tax you actually pay
They are not stopping dividends
All their proposal means is you can no longer exchange franking credits for cash
IOW: you don’t get a refund on tax some company (and not you) has paid
You can only offset them against tax you actually pay
What's more, Labor's changes do not apply if:
You're receiving a govt pension or allowance (inc full or part age pension, disability pension, carer payment, parenting payment, Newstart or sickness allowance)
You're receiving a govt pension or allowance (inc full or part age pension, disability pension, carer payment, parenting payment, Newstart or sickness allowance)
Also: Labor has announced a Pensioner Guarantee, so recipients still receive franking credits as a cash refund
So this is not a retirement tax
It is the ending of a subsidy that, by and large, only goes to the very wealthy
Any media outlet that uses the term ‘retirement tax’ (even if they use quotes) is misleading you
They are buying into government spin, not doing journalism
It is the ending of a subsidy that, by and large, only goes to the very wealthy
Any media outlet that uses the term ‘retirement tax’ (even if they use quotes) is misleading you
They are buying into government spin, not doing journalism
Here's the PBO link where most of the figures are set out
aph.gov.au/~/media/05%20A…
aph.gov.au/~/media/05%20A…
