What cheeses me off that the lefties keep argue that imputed credit is simply company tax and that shareholders don’t have a right too it.
The Australian imputation system has operated since 1 July 1987. It is a partial integration of company tax and personal tax. In a fully integrated company tax system, all income at the corporate level is attributed to the shareholder, regardless of whether or not it is distributed, and taxed at the marginal income rates applying to each shareholder. Australia operates a lesser or partial version of this: only distributed profits in the form of dividends are attributed to shareholders. Company tax paid on these dividends is attributed to the shareholder as a withholding of personal tax due.
