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Proposal to abolish refundability of Franking Credits, page-325

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SonicBlast

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13/12/18

12:29

Post #: 36846389
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Originally posted by blackburn44: ↑

@SonicBlast yes a great post. but for me i accept losing the tax cashback. it is fair. why should someone earning 47k per year paying no income tax be paid an extra amount by the taxpayers. the fact that it is from a smsf is irrelevant. in fact that dame person can esrn up to approximately another 27k per year and still pay no tax on that due to howards generous concessions to seniors or retirees not drawing any centrelink brnefit. and they can still get a CSHC for "earning " up to 40k a year. that gives them pharmaceuticals at pbs price. pretty generous. so a retiree could be on a commonwealth part pension or just take a cshc or neither. and if all their income is from super pension phase they pay no income tax at all and would receive cashbacks from the ato. not even oncluded as a welfare payment lol. time to make australia fair again? yep! for sure.

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The only problem I see is that the ASX company has already paid the tax. Rightfully that amount should go towards reducing Australias debt which is a win for everyone IMO. In fact anything like that should NOT go back in general revenue. It should go straight to reduce debt.
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