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Labor to axe cash refunds for wealthy investors, page-219

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baxtermcfaxter

6,204 Posts.

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13/03/18

14:08

Post #: 31716181
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Originally posted by pear ↑

Hi Dodgy

"So may people don't understand what Labor is proposing.
To understand this, firstly refer to the personal income tax tables:"

Nice try, but no cigar. Your are being dishonest in your analysis.

1) Companies do not pay tax on your behalf. They are legal entities and pay tax on their own income.

2) The Imputation system is to capture the tax of the company once.

3) In your example, the company pays the tax and then this tax is refunded to the individual.
Hence no tax has been paid. And you are correct. That is what is proposed.

Your example is more applicable to TRUSTS that pay no tax and the beneficiaries pay the tax. Another rort so loved by the conservatives.

Pear

Expand

Yes..Trusts pay no tax providing they distribute ALL earnings....if they retain earnings they pay 30% company tax...
Yes..the imputation system was to capture the tax once ....ie not double taxation to the individual
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