Not paid on behalf of shareholders at all. They are two different tax paying entities and the franking credit system was purely designed so that tax wasn't paid twice on the same income.
Non taxpayers stealing from the taxpayers more like it.
"They are two different tax paying entities....."
Who cares about entities? The tax is taken on the money earned by the company it makes NO DIFFERENCE to the government if it is taken and point A or at Point B. Some statists don't seem to mind the government raising tax multiple times on the same money?
"Non taxpayers stealing from the taxpayers more like it."
The only entity that is stealing here is the government. If they tax me on my earnings from my shareholdings and I have not made enough money in the year to pay income tax then the money they have taxed me is legally and morally refundable. It is NO different to my younger son who only worked for six months and made user the threshold but was taxed through the PAYE system each week. He got ALL of that tax back, as he should have.
