There is no doubt some refinements to this policy proposal are required…..
Whenever a policy proposal is described as targeting the wealthy but the reality is that it affects everyday people, there is clearly some further work to do to make it fair and get the majority on board.
The solution to making the proposal fair and reasonable is potentially quite simple. Introducing a reasonable threshold for the refund of excess franking credits of say $10,000 p.a. would be a great start and most people would probably be very happy with that approach.
The wealthy, as we know, are quite capable of reorganising their investments to minimise the effects of all sorts of tax policy but the not so wealthy are not quite so lucky.
Should we be planning for some common sense to apply to this policy? Probably not but I live in hope…..
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