Franking Credits, page-53

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    If your only source of income was a negatively geared property you would pay no tax nor receive a refund.
    Only when you have other sources of income that you offset those losses against do you pay less tax or obtain a refund.
    You receive a subsidy from the government by paying less tax due to a loss making asset that you wouldn't otherwise receive the benefit from it you didn't offset the loss.


 
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