Actually it will benefit overseas shareholders, and share holders with no income. It will not benefit the actual company or the share holders that have an income.
With dividend imputation, the effective corporate tax is 0% if and only if all investors are income earning entities. The effective corporate tax is 30% if and only if all investors are foreign or non-income earning entities (since negative tax are not refunded on imputation credits). For companies with investors in both categories, the effective tax rate will be based on the pro-rata share of investors in each category.
With this change, only the 30% will become a 28%.
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