I think the article is absolute garbage! Firstly, the Labor...

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    I think the article is absolute garbage! Firstly, the Labor Party says (correctly) that the refunding the franking credit to people outside the tax system has no social or economic justification. It is a gift/welfare payment to a certain group in the community (see explanation above). The Labor Party has not said the refund is about closing tax loopholes as asserted by the article. Second point is that no other country in the world refunds franking credits. This assertion is factually correct. The fact that many countries tax dividends twice shows how fortunate shareholders in Australia are relative to other countries. Thirdly, superannuation (both SMSFs and industry/retail (which are taxed exactly the same way)) are currently, and will continue to be in the future even if the Labor Party's policy is implemented, taxed very concessionally. This fact is ignored in the article.

    I also note that Mr Scott Morrison showed a complete lack of understanding of the franking credit system in last night's debate.

 
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