Labor's proposed crackdown on franking credits is a 'broken promise' that will harm 'older Australians' who are just looking to make ends meet, the shadow treasurer has declared.
Shadow treasurer Angus Taylor spoke to Sky News Australia’s Ross Greenwood about Labor’s proposed $600 million integrity crackdown, which would limit the way publicly listed companies can distribute franked dividends.
“We've got to remember franking credits are a way of avoiding double taxation – not avoiding taxation, avoiding being taxed twice,” Mr Taylor said.“And of course, a large portion of the investors who avail themselves of these franking credits are older Australians. Particularly… Australians over the age of 75. It's older Australians who are looking to make ends meet."
The shadow treasurer also warned that Labor’s proposed crackdown – which is set to be examined by the Senate’s economics committee – would cause economic harm by preventing companies from raising capital.
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