Westpac and the ANZ have suspended dividends payments. The National Australia Bank has slashed them. The peculiarities of our tax system explain why retirees hate this more than they should.
Those who’ll miss out the most have very high wealth.
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Both sides have different perceptions about how what the government characterises as a “retirement tax” - the franking credits change – will play out politically.
While Scott Morrison remains preferred PM, Labor maintains an election-winning two-party preferred lead in the latest Newspoll.
AAP/Ellen Smith
Shadow treasurer Chris Bowen will pitch to many workers’ discontented with their lot, declaring in his first economic speech of the year that these people are being denied “a fair go”.
The government in general remains in bad shape on multiple fronts, and.
Scott Morrison often sounds desperate.
Dave Hunt/AAP
Though it is generally believed a minor miracle would be needed to rescue the Morrison government, the Coalition judges the best way to “save furniture” is to wave the fear flags.
The opposition initially said it would not change its plan but would ensure pensioners were protected in other ways.
Mick Tsikas/AAP
In 2003, US President George W. Bush campaigned on a 10-year ‘economic plan’ for “jobs and growth”. If it sounds familiar, it should.
Australia’s relatively high corporate tax rate is said to deter foreign investors while the dividend imputation system does nothing to attract them.
AAP/Paul Miller
If our dividend imputation system makes it unattractive for non-resident investors in Australian companies, why not extend tax offsets on franked dividends to them?
Dividend washing enables some domestic investors to essentially gain a dividend “twice”.
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Kevin Davis, Australian Centre for Financial Studies
There is currently considerable interest in the practice of “dividend washing”. This refers to the practice of investors being able to trade shares cum-dividend for a period after the ex-dividend date…