05-18-2019, 07:18 AM
(This post was last modified: 05-18-2019, 07:50 AM by ElwoodBlues1.)
(05-18-2019, 06:37 AM)laj link Wrote:Don't pay tax no franking credits, sounds fair enough. Not as if they are struggling. If they were they be getting a pension, then the policy wouldn't affect them. We are the only country that uses that system. Going back to the system used by Keating and country's overseas. Brought in by howard as a vote buying exercise. 400bn that goes to the top end of town that can be used for those who need it, for services, the debt the Liberals doubled and increase the surplus, needed with global economic headwinds coming. This has been a highly incompetent Govt.
As you know there's no Death Tax.
The franking credits proposal is dumb legislation that will favour wealthy dividend investors who will still claim all those credits on their tax return.
It will really only affect those low income retirees on less than 37k who most or part will end up qualifying for the pension or part of and thus becoming another welfare burden.
Its should be means tested...IMO it wont get through the senate, the other problem will be some of those low income investors moving their money into other asset classes and maybe'into offshore investments and the supposed savings Labor have budgeted for wont happen.
If Labour were serious they would have means tested the concept and let the little blokes at the bottom on 37k keep their franking credits and stay off the pension and
make the top end of town unable to claim those credits as tax deductions but that wont happen as pollies from both sides have massive portfolios to protect.
The other bizarre concept is that govts want to phase out pensions and have all folk retiring on super yet want to deny those with self managed funds those franking credits.