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Old Today, 06:14 AM
 
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Quote:
Originally Posted by Aussiehoff View Post
As I have already mentioned, I posted a couple of good articles on the topic which clearly demonstrate the equitable and sensible nature of the law.
And this...

Quote:
In simple language, excess franking credits are merely a consequence of paying too much tax for the amount of taxable income a person earns. Not refunding excess credits means those taxpayers, in particular, lower-income taxpayers, are paying more tax on their income than other taxpayers with similar levels of income.
Is absolute nonsense. Start with a fallacious argument then build on it. The franking system was created to avoid double taxation, not create a system of zero taxation. It's based on the premise that companies have an obligation to pay tax, regardless of the circumstance of their shareholders.

Last edited by BCC_1; Today at 06:26 AM..
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Old Today, 04:57 PM
 
2,336 posts, read 3,091,360 times
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Quote:
Originally Posted by BCC_1 View Post
And this...


Is absolute nonsense. Start with a fallacious argument then build on it. The franking system was created to avoid double taxation, not create a system of zero taxation. It's based on the premise that companies have an obligation to pay tax, regardless of the circumstance of their shareholders.
Indeed. Why some persist, with some ill formed entitlement argument on these threads is an odd thing. They've had a good run , been rumbled so accept the fact. That fact being, no reason on earth, why such people should receive a cheque each year on tax payers behalf, (tax free hand out)
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Old Today, 05:11 PM
 
2,336 posts, read 3,091,360 times
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Quote:
Originally Posted by Aussiehoff View Post
All sound points? Perhaps you could explain this sound point: The current system de-facto reduces the amount of tax a company pays based on the personal tax circumstance of their shareholders.

As to your insinuation that this is an issue for those doing "rather nicely", you do realise the cohort most significantly impacted by the changes are retirees on relatively modest incomes don't you?

Except it doesn't mostly impact on retirees with modest incomes. It has already been clearly established those of 'modest' means on aged pensions will not be impacted. You need to look at the entire picture.
While nice, I'm sure if getting a cheque yearly undeserved, there are plenty of retirees, in real need, one in four in Australia, living in some form of poverty.


Why shouldn't the pension rise, to help out those in 'real need'? How about rising the New Start, unliveable, amount, to a sustainable level. Even the Chamber of Commerce has supported it being increased.
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