Labor policy to stop refunding franking credits

SMSFs likely to switch to international shares under Labor franking credit plan

SMSFs are likely to switch from Australian shares to international equities if Labor’s plan to stop refunds of dividend franking credits goes ahead.

Labor plans to stop refunds of excess franking credits for most taxpayers, with exemptions for Age Pensioners and some SMSFs.

A survey of SMSF trustees by SuperConcepts has found that 72% of respondents plan to change their investment strategy in response to the loss of franking credit refunds.Read More »SMSFs likely to switch to international shares under Labor franking credit plan

Newspoll finds only 30% support stopping refunds of franking credits

Newspoll finds that only 30% support Labor’s policy of largely stopping refunds of franking credits.

Labor has announced a policy of stopping refunds of franking credits, with exemptions for Age Pensioners and some SMSFs.

The Australian reports that the Newspoll found 30% support for the policy, with 48% opposed and 22% uncommitted.Read More »Newspoll finds only 30% support stopping refunds of franking credits

Stopping refunds of franking credits has more support than opposition: poll

More people support stopping refunds of franking credits than oppose it, according to a new poll. The latest Guardian Essential poll found 39% total support for stopping refunds of dividend franking credits. 30% in total oppose the measure, with 31% answering ‘don’t know’. Included in these figures are 15% who… Read More »Stopping refunds of franking credits has more support than opposition: poll

Refundable franking credits wouldn’t be part of tax system designed today

The Institute of Public Accountants (IPA) says that if the tax system was designed from scratch it likely wouldn’t have refunding of franking credits, but doesn’t support stopping refunding the credits without broader tax reform. IPA CEO Andrew Conway says: “If we were designing a new tax system today, you would… Read More »Refundable franking credits wouldn’t be part of tax system designed today

Advance Australia campaigns against Labor franking credit refund policy

Advance Australia, a new lobby group that has been likened to a conservative Get Up!, is campaigning against Labor’s franking credit policy. The Advance Australia website currently lists only two campaigns: one opposing Labor’s policy to stop refunds of franking credits for many taxpayers and other around not changing the… Read More »Advance Australia campaigns against Labor franking credit refund policy

Ceasing refundable franking credits to cost 2.6 million APRA fund members

Labor’s policy to stop refunds of franking credits isn’t only of concern to SMSF members, with up to 2.6 million members of APRA-regulated super funds also to be impacted. Research by the Financial Services Council (FSC) indicates that up to 2.6 million members of APRA-regulated super funds (both large funds… Read More »Ceasing refundable franking credits to cost 2.6 million APRA fund members

Refunding franking credits inquiry will allow “short public statements”

The parliamentary inquiry into refunding franking credits will allow short statements from the public in hearings held this week, in Sydney on Tuesday and Melbourne on Thursday. The Inquiry into the implications of removing refundable franking credits was formed by the House of Representatives Standing Committee on Economics at the… Read More »Refunding franking credits inquiry will allow “short public statements”