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16 April 2024
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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.
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.
What are the best stocks to own that can pay regular dividends and beat indices on a total return basis in the long-term? Here is our list of 11 ASX-listed companies that could help investors achieve these goals.
The ATO has released all the superannuation rates and thresholds that will apply from 1 July 2024. Here's what’s changing and what’s not, and some key considerations and opportunities in the lead up to 30 June and beyond.
For decades, governments told people to save for retirement, then hold onto their nest eggs. Now, they're concerned that retirees aren't spending enough. How can we encourage reasonable spending patterns in retirement?
Jim Simons has achieved breathtaking returns of 62% p.a. over 33 years, a track record like no other, yet he remains little known to the public. Here’s how he’s done it, and the lessons that can be applied to our own investing.
Life has radically shifted with my brain cancer, and I don’t know if it will ever be the same again. After decades of writing and a dozen years with Firstlinks, I still want to contribute, but exactly how and when I do that is unclear.
Being rich is having a high-paying job and accumulating fancy houses and cars, while being wealthy is owning assets that provide passive income, as well as freedom and flexibility. Knowing the difference can reframe your life.