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Very true. It's also very hard to take priviledges away, even from people who don't actually need them.
In Australia everyone gets priviliges, one way or another.
Be it concessions, franking credit rebates to all levels, or straight hand outs.
Thats what makes it difficult, for amyone to take the moral high ground, or decide which sector is going to lose.
Just my opinion
But also I can't imagine Hawke or Howard needing their hand held to such an extent.
And for the record, spt and SirR, franking credits are not a privilege, they are a reimbursement of tax already paid on your behalf by someone else (so you don't have to pay tax twice).
Absolutely try taking the franking credits off those on the top tax bracket, or taking the pension of those sitting on the balcony overlooking Sydney Harbour.Very true. It's also very hard to take priviledges away, even from people who don't actually need them.
So why not extend that to the pension? Where do you draw the line? or do you just keep moving it until you pick of all the low hanging fruit? Only those who work and pay taxes can claim help, well that gets really open ended? but that doesn't seem to bother anyone, until it affects them.lolPaid on your behalf by someone else ?
So why don't the refunds go to the people who actually paid the tax in the first place ?
Like I said Logique, everyone received the franking credit, whether that be a smsf pensioner, a single mum with a few shares, or Twiggy Forrest.True.
And for the record, spt and SirR, franking credits are not a privilege, they are a reimbursement of tax already paid on your behalf by someone else (so you don't have to pay tax twice).
Credit to Albo, he eventually worked this out.
Which is more than I can say for Bowen-omics. Since succeeded by his protege Dr Jim, who doubtless had a big hand in the erstwhile policy development
Like I said Logique, everyone received the franking credit, whether that be a smsf pensioner, a single mum with a few shares, or Twiggy Forrest.
The fact that those on a low income don't pay as much tax, doesn't come into it, those on $100m a year dividends would be getting $30m back by not paying that tax. The whole idea was wrong and incredibly stupid, what I can't understand is how some cheered it on.
Anyway history showed most weren't stupid, it was the thin edge of the wedge.
Because ultimately those who made the payment are simply employees working on behalf of the owners of the company, it's not their money, so any refund belongs to the owners.Paid on your behalf by someone else ?
So why don't the refunds go to the people who actually paid the tax in the first place ?
In simple terms the franking credits issue can be summed up as saying:How you can be taxed twice while paying no tax
At best you would be taxed once
You should maybe ask silly Billy, because he was only going to apply it to SMSF and not Industry Funds, that is the problem with policy driven by trying to make it fit the outcome.How you can be taxed twice while paying no tax
At best you would be taxed once
Because ultimately those who made the payment are simply employees working on behalf of the owners of the company, it's not their money, so any refund belongs to the owners.
So why were Labour only going to take it off a select few?I have to disagree there.
The company made the payment and it's a legal entity in itself, that's why shareholders have limited liability.
So if the company wants to pay tax for a shareholder , then the company should get the credits, and it's then up to them to give the money to the shareholders if they so desire.
So why were Labour only going to take it off a select few?
Why not take it off all.
How can you espouse the virtue's of Labour for calling the Royal Commission on banks, due to them rotting peole, then in the next breath congratulate them for supporting industry super rorting franking credits?
Absolutely make super taxable and give everyone the pension, then it is a reward system, if you want a better retirement you save for it, at the moment they are saying if you want a better retirement we'll take it off you.Basically the point I objected to (and said so on this site) was that people getting $100k tax free super pension were able to get these rebates.
https://www.aussiestockforums.com/t...eral-election-2019.34619/page-36#post-1027316
https://www.aussiestockforums.com/t...eral-election-2019.34619/page-46#post-1028115
https://www.aussiestockforums.com/t...-imputation-system.34281/page-12#post-1014295
You liked a couple of those so I think we are on the same wavelength.
Unfortunately there wasnt an alternative, hopefully in 2 years there is, I know that is hard for you to understand.6years of liberal government
Still harping on about Labor lol
I imagine they voted for it because it's their bracket
If there's one thing I'd really like to see change in Australian politics it's the notion that everyone ought to vote for self interest which the media constantly promotes.I imagine they voted for it because it's their bracket
It starts with the politiciansIf there's one thing I'd really like to see change in Australian politics it's the notion that everyone ought to vote for self interest which the media constantly promotes.
It wasn't like that always, there was a much greater focus on what was good for the country overall, and we'd all ultimately benefit from a return to that.
It starts with the politicians
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