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12 July 2025
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Business investment and per capita GDP have languished over the past decade and the Labor Government is conducting inquiries to find out why. Franking credits should be part of the debate about our stalling economy.
The results of three studies suggest that companies undertake less tax avoidance due to franking credit refundability. It gives an incentive to pay corporate tax and franked dividends to satisfy Australian shareholders.
In the final Leaders' Debate, the Prime Minister asked why Labor wishes to deny a tax deduction for additional personal concessional contributions, reinstating the old 10% rule. What's the logic of this complex rule?
Amazingly, SMSF pensioners invested in Australian shares will be much worse off under the Labor franking policy than in the ‘bad old days’ when their pensions were taxed.
Australian retirees' access to dividend imputation refunds justifies a bias towards Australian equities in retirement, and the loss of refunds will have significant portfolio and income implications.
When rules are changed, behaviour changes as well. A future Labor government should not be surprised when SMSF trustees and self-funded retires minimise the impact of the removal of imputation credit refunds.
Labor has been forced to exempt 'pensioners' from its franking credit refund policy, but the target remains the zero tax paid by large SMSFs in pension phase. That will sustain the class war.
The current system is fundamentally fair as domestic shareholders pay tax on fully franked dividends at their own tax rate. This is what imputation should achieve and why we need franking credits refunded.
Doubts about the value of franking credits under Labor's proposed policy have already led to a rise in spreads on hybrids, which might throw up good investment opportunities.
The Labor proposal to eliminate refunds of excess franking credits will have a significant impact on many retirees who hold Australian shares paying fully franked dividends.
The Australian share market offers a dividend yield of about 4.2% at the moment, supported by franking credit of 1.5% to give an attractive 5.7%. The focus is on the refund of this credit.
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.
Treasurer Jim Chalmers aims to tackle tax reform but faces challenges. Previous reviews struggled due to political sensitivities, highlighting the need for comprehensive and politically feasible change.
You've no doubt heard about Division 296. These case studies show what people at various levels above the $3 million threshold might need to pay the ATO, with examples ranging from under $500 to more than $35,000.
The $3m super tax could be put down to the Government needing money and the wealthy being easy targets. It’s deeper than that though and this looks at the factors behind the policy and why more taxes on the wealthy are coming.
The super tax has caused an almighty scuffle, but for SMSFs impacted by the proposed tax, a big question remains: what should they do now? Here are ideas for those wanting to withdraw money from their SMSF.
With Div. 296 looming, is there a smarter way to tax superannuation? This proposes a fairer, income-linked alternative that respects compounding, ensures predictability, and avoids taxing unrealised capital gains.