Labor policy to stop refunding franking credits

Labor won’t take same franking credit policy to next election: Albanese

Labor won’t be taking the exact same franking credits policy to the next election, but may not be dropping it altogether. Labor Leader Anthony Albanese said that Labor wouldn’t be taking the same policy on franking credits to the next election, in an interview on Sky News. Well ahead of the previous federal election, Labor …

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Labor’s franking credit policy wasn’t significant vote changer, by itself

Labor’s pre-election policy of stopping most refunds of excess franking credits wasn’t a significant changer of votes by itself, but did contribute to the election loss, a review of Labor’s election campaign has found. The ALP has released its Review of Labor’s 2019 Federal Election Campaign. It finds that “Labor lost the election because of …

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At last, an answer to the $5 billion question: who gets the imputation cheques Labor will take away?

Written by Ben Phillips, Australian National University and Matthew Gray, Australian National University. Labor is banking on about A$5 billion per year from ending the cash payment of company tax refunds to dividend holders who don’t pay tax. It’ll exempt charities, non-profits, pensioners and part pensioners and other Australians on government allowances, including future pensioners. …

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47% support for stopping refunds of franking credits, 29% opposition

The ABC has found that 47% of Australians support stopping refunds of franking credits. An analysis of ABC Vote Compass responses found that 47% support stopping refunds of franking credits, with 29% opposed and 16% unsure. Vote Compass is a tool developed by political scientists to explore the views of voters. Vote Compass asked voters: …

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Stopping refunds of franking credits doesn’t target wealthy, Alliance claims

The Alliance for a Fairer Retirement System claims that Labor’s franking credit policy doesn’t target the wealthy, pointing to the number of people receiving franking credit refunds and taxable income figures, while their own analysis tells a different story. The Alliance – which was formed in response to Labor’s franking credit policy, and whose members …

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Large super funds & SMSFs should be on equal footing for franking credits

Larger super funds and SMSFs should be on an equal footing when it comes to franking credits, says the Alliance for a Fairer Retirement System. Alliance spokesperson Professor Deborah Ralston says that franking credits should be worked out at an individual member level in all super funds – to prevent large super funds being able …

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Labor’s franking credit policy to raise $58.2 billion over ten years: costings

Labor’s policy to stop refunds of excess franking credits is expected to raise more than $58 billion over the next ten years, if it is legislated. Labor has released its policy costings, revealing that the franking credit policy is estimated to raise $58.197 billion out to 2029/30. Over the next four years it is estimated …

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It’s hard to find out who Labor’s dividend imputation policy will hit, but it is possible, and it isn’t the poor

Written by Elizabeth Savage, University of Technology Sydney. Labor’s proposal to end cash refunds of unused dividend imputation credits is highly targeted. It certainly doesn’t apply to age pensioners, even part pensioners, courtesy of Labor’s Pensioner Guarantee. Self managed super funds set up by pensioners before the announcement are also exempt. Nonetheless it is likely …

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If you’re receiving franking credit refunds, you’re not self-funded: Shorten

Labor Leader Bill Shorten has said that retirees who are receiving refunds of franking credits aren’t self-funded. Shorten, in response to a question from a retiree on Q&A, noted that the Age Pension is means tested for income and assets. Referring to a tax change in 2001 allowing refunds of excess franking credits, Shorten said: …

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