So there will be 2 tax lodgement years before the next fed election, now everyone that gets any franking credits will still do so until this becomes law and only if labor get in which is to be back dated to 28/3/17.
Is everyone going to be slugged with a tax bill the following 19/20 tax return paying those franking credits back.
Is the ATO allowed to get this back as a tax if at the time of lodgement that law was not applicable to the time of lodgement.
There is nothing around that I can find that may cover the consequences of this being retrospective to a law that is not in regarding these franking credits.
