Parliament of Australia released a media release on 23rd January. The House of Representatives Standing Committee on Economics will hold public hearings in Merimbula, Chatswood and Bondi Junction, New South Wales, for its inquiry into the implications of removing refundable franking credits.The Chair of the committee, Mr Tim Wilson MP, said ‘the committee is examining how the removal of refundable franking credits would affect investors, in particular older Australians who have planned for their retirement under the existing rules and whose financial security could be compromised.’Mr Wilson said ‘the committee has received well over 1000 submissions, including many from retires who are concerned they will be forced on to the aged pension if the ability to claim a refund on their franking credits is removed.’‘These hearings will provide an opportunity for Australians impacted by a change to refundable franking credits to address the committee directly with a three minute statement, and we welcome their contributions and participation’. Mr Wilson said.Public hearing details:Merimbula9.00am to 10.30amMonday, 4 February 2019Merimbula RSL, 52-54 Main St, Merimbula, NSWChatswood9.00am to 10.30amFriday, 8 February 2019The Chatswood Club, Level One, G11 Help Street Chatswood, NSWBondi Junction2.00pm to 3.30pmFriday, 8 February 2019Bondi Junction RSL, 1/9 Gray St, Bondi Junction, NSWFurther public hearings will be announced as the inquiry progresses. The hearings will be webcast live (audio only).A number of submissions have been received and are available on the committee’s webpage at: www.aph.gov.au/economics. A number of submissions are currently being processed and will be published over the coming months. Submissions can be made online or by emailing [email protected] enquiries: Mr Tim Wilson MP—Electorate: 03 9557 4644; Parliament: 02 6277 2392For background information: House of Representatives Standing Committee on Economics Phone: 02 6277 4587; Email: [email protected]; Website: www.aph.gov.au/economics
