Franking Credits....Will you make you mark in the correct square

[Jay&dee]

Why does Mr Shorten and Mr Bowen believe that they have the given right to take money away from Australian investors.

We worked hard to ensure that we canenjoy a lifestyle wecvwish to enjoy in retirement.
Mr & Mrs J. Citizen would never ever be in a position to be guaranteed a retirement package like these fat pigs / cats call them what you like.

I for one hope that these guys are shown the front door come the month May.

Jay&Dee

[Old Techo]

https://www.livewiremarkets.com/wires/w ... ng-credits

[Old Techo]

I think franking credits are a luxury the government can't afford.

People will always claim 'we have paid tax all of our hard working life' as if they think they have earned a privileged place in the heart of the ATO. The ATO doesn't have a heart as most of our working lives all of us have tried to diddle them at least a little bit and avoid paying our fair share of tax with dodgy claims... some even by cheating.

I think it wrong for people who do not earn enough to pay tax to get money back from the ATO. That is a negative tax situation where instead of paying tax the government gives you a bonus despite you having an income.

We don't earn enough to pay tax and we have shares that pay franked dividends so the Labor policy will cost us money, but I support it for the good of the country. We need much more money going to health and education.

Labor are not taking money away from investors. They simply want to stop the freebies from being handed out, especially to the wealthy. Sure, some poorer people will be hurt in the process and I am one of them, but I say too bad. In fact I am happy to pay to get rid of dicks like Scomo, Abbott, Dutton, Pyne, Hunt, Cormann, Cash, Fifield just to name the most annoying.

[tar trekka]

Hi there,

I'm a "Fully Self Funded Retiree" & I'll be affected by the loss of "Franking Credits" & that's OK, if EVERYBODY gets treated EQUALLY.

Why should "Pensioners" be EXEMPT?

I don't PAY TAX & I doubt that you would find many Pensioners Who PAY TAX.

If RUDD, GILLARD, RUDD had not left Australia with a "Massive Debt Which WILL NEVER Be Repaid", I doubt we would be discussing "Franking Credits".

What difference will the "Abolition Of Self Funded Retirees Franking Credits" make to "Australia's 350 BILLIONS PLUS DEBT"?

Unfortunately, we have "Politicians Who Are Hell Bent On Destroying Australia" & people "Vote For Them".

"Australia The Lucky Country" NO, "Australia The Looney Country".

Tar Trekka.

Any day above the ground is a great day.

[glanyard]

Not only will the poor rich lose out but so will the Defence Department.
If Labor gets in the troops will be withdrawn from overseas, reduced in numbers, there will also be a reduction of ships and aircraft and the cancellation of current contracts because the country can't afford to have the best in the world.
In my 31 years service, the leanest were when Labor was in power; oh dear, here we go again.
glanyard

[Archer63]

Yep...my biggest fear is waking up after election night and reading that punce shorten and his looney left puppertiers are in power...and it looks like it is going to happen 🤬🤬

[Old Techo]

I knew I'd win a lot of friends here

Geeeeez TT..... you told us you have bought several new cars and vans and have more money now then when you started..... and don't pay any tax eh?

[Tripping Away]

OT, I have the feeling you do not know what franking credits are and why they are refunded.

The Labor Party needs to go back and look at why compulsory super was introduced.

What next??? What the democrats in America are proposing that people who have over a certain amount will be forced to volunteraly give a percentage of it to the govt so they can pay back the $22 trillion deficit.

When every job is being done remotely and no-one is paying tax, who will pay the welfare bill each week??

What shape are we handing the world to our kids in??

[Old Techo]

OT, I have the feeling you do not know what franking credits are and why they are refunded.

TA, a rash assumption as your feelings are not always reliable.

I retired in 2000 and began my own self-managed super fund when they were just becoming fashionable. I legally needed an auditor and the guy recommended to me had just begun a business called Super 2000 Pty Ltd. That guy was the one who famously fainted when being quizzed at the banking Royal Commission. His audit fees on my super fund were so high I cashed in my super fund after a couple of years and not had super since. I still have the email where I asked him to convince me why I should not abandon super as the tax I would pay without the shelter of super would be less than his audit fees and I would not have a pile of paperwork to do every 3 months.

I was receiving and managing share franking credits in 2000 and for the next 18 years. The principle was simply to overcome double taxation of company profits.

When money topics like this pop up they inspire people to abandon the big picture and talk through their wallet.

If you are worried about money for the welfare bill then you will be happy to abandon franking credits.

A few words from Keating

Paul Keating, the architect of the dividend imputation system, has backed Labor’s proposed reforms to abolish cash refunds for excess imputation credits and labelled the provision introduced during the Howard government as “unnecessary largesse”.

Mr Keating was consulted by Labor leader Bill Shorten and Treasury spokesman Chris Bowen about the proposed reform, which he sees as a return to the system he introduced as part of a sweeping taxation reform agenda three decades ago.

“The imputation system I introduced did not incorporate ‘cashbacks’ for those taxpayers whose average income tax rate was less than the 30 per cent corporate rate,” Mr Keating told The Australian.

Mr Keating said the current system introduced by John Howard and Peter Costello needed reform because it saddled the country with huge imposts on the budget that are no longer affordable outside boom times. “This provision, introduced by the Howard government in its search for the grey vote, replete with budget surpluses a la the China boom, was simply unnecessary largesse, as was the concomitant removal of tax on large superannuation accumulations for taxpayers over 65 years of age.

[Engel]

They simply want to stop the freebies from being handed out, especially to the wealthy.

Define wealthy?

Not some dictionary term but real money.