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7 March 2026
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Claims that Division 296 double-taxes franking credits misunderstand imputation: franking credits are SMSF income, not company tax, and ensure earnings are taxed once at the correct rate.
Australia’s corporate tax rate is widely seen as a growth-killing burden. But for most local investors, it’s a mirage - erased by dividend imputation. So why is it still shaping national policy?
The headline 30% corporate tax rate masks a complex system of dividend imputation and franking credits that ensures Australian shareholders are taxed only once, challenging traditional measures of tax competitiveness.
As inflation eases, the Albanese government is switching its focus to lifting Australia’s sluggish productivity. Can corporate tax cuts reboot growth - or are we chasing a theory that doesn’t quite work here?
The previous austerity of the Coalition Government has been tossed aside to deal with COVID-19, but at some point, debt will be repaid. Are policies once considered off-the-table now a target?
Labor justified its franking credits policy based on the cost rising 10-fold since 2001 and heading towards unaffordable levels. But were the numbers right and would the savings ever have eventuated?
A reader has asked for the simplest possible explanation of dividend imputation and franking, as the heated debate features many people who do not understand the basics.
Every day, an expert writes somewhere about the adverse impact of a reduction in franking credits due to a lower company tax rate. This tax rate has no impact on the after-tax returns received by Australian shareholders.
Imputation is seen as a costly tax break for domestic shareholders with minimal associated benefits for the overall economy, but any changes to the system should consider some broader consequences.
Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.
The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.
A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.
The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.
This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.
Most commentary on gold's recent record highs focus on it being the product of fear or speculative momentum. That's ignoring the deeper structural drivers at play.