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I thought the biggest rort with the franking credit refund was people with large SMSFs. Since the profits of your super are only taxed at 15% it means that investors get about half their franking credit back. This was sometimes in the $100,000's per year for some of the bigger SMSFs. I do agree that it does generally hurt people who are earning less than $37,000 a year (tax bracket of up to 19 cents on the dollar) who have some NRMA or AMP shares they were given than it will people with large portfolios. The fairest thing to do would be to scrap the franking credits all together as they shouldn't exist in the first place. I say this as someone who has a fair chunk of their saving in Australian shares.
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Mar 13, 2018 03:14
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According to the Guardian, Labor has caved and exempted pensioners from the franking credit rebate. They should have just put a cap on the amount and then have it reduce over the coming years, allowing people to restructure their finance.
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Mar 26, 2018 02:27
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thatbastardken posted:Larissa Waters has, to no-one's great surprise, been selected as lead candidate for the next senate election. She ended up with 94% of the 2-candidate preferred vote, leaving Ben Pennings sitting at second place and Navdeep Singh in number three. Good
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Apr 2, 2018 22:23
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