@daicosisgod; from Chris Bowen's website:"... A Shorten Labor Government will close down the concession created by Howard and Costello, and return to the arrangement first introduced by Hawke and Keating – so that imputation credits can be used to reduce tax, but not for cash refunds.
Closing down this concession will save the budget $11.4 billion over the forward estimates from 2018-19, and improve the budget bottom line by $59 billion over the medium term.
This change only affects a small number of shareholders who have no tax liability and use imputation credits to receive a cash refund.
While those people will no longer receive a cash refund, they will not be paying additional tax. …"
https://www.chrisbowen.net/issues/labors-dividend-imputation-policy/
Then this:
"... On 27 March 2018, Bill Shorten and his shadow treasurer, Chris Bowen, revised the ALP’s ban on excess franking credits, which had only been announced two weeks earlier. Instead, the ALP’s ban on excess franking credits will now exclude any Australian receiving a federal government pension or allowance, who also holds Australian shares. The ALP call this change of heart, ‘The Pensioner Guarantee’, and the ALP promises pensioners, including Age Pensioners, “will be protected from the abolition of cash refunds for excess dividend imputation credits”. The Pensioner Guarantee also applies to an SMSF where one fund member, as at 28 March 2018, is a recipient of a government pension (such as the Age Pension).
https://www.superguide.com.au/smsfs/shorten-retirement-tax-refunds-franking-credits
