Dividend Imputation



Tax-driven off-market buybacks were first used in 1997 by the Commonwealth Bank. Since then, TOMBs (as we call them) have been used nearly 60 times,… Read More ›

Time to Kill Off Tax-Driven Off-Market Buybacks

We’re told Australia has a progressive tax system – the more you earn, the higher the rate. And that’s certainly the case for earnings from… Read More ›

Progressive in Theory, Regressive in Practice: That’s How We Tax Income From Savings

The efficacy of Australia’s full dividend imputation system was questioned by the 2009 Henry Review and the Tax Discussion Paper released in March 2015, which… Read More ›

The Impact of Full Franking Credit Refundability on Corporate Tax Avoidance

There is much concern among investors such as retirees, who rely on bank dividends for income, that the Australian Prudential Regulation Authority (APRA) is putting pressure… Read More ›

Does Deferral of Bank Dividends Matter?

Rarely, if ever, has it been shown anywhere that corporate income or related taxes are either fully priced or close to fully priced based entirely… Read More ›

Investment, the Corporate Tax Rate, and the Pricing of Franking Credits

There are a large number of trusts, particularly discretionary trusts, in Australia. This was highlighted in one of the Australian Labour Party’s (ALP) tax reform… Read More ›

Why We Use Private Trusts in Australia: The Income Tax Dimension Explained

The Australian Labor Party went to the 2019 Federal Election proposing a change in policy under which retirees not receiving an aged pension could only… Read More ›

What Dividend Imputation Means for Retirement Savers

As election day approaches, dividend imputation is back in the news and the hot takes are running hot. Commentators are branding the system a “tax… Read More ›

Nothing Wrong With Refundable Franking Credits—Every Shareholder Has Paid Tax, It’s Just That Their Company Did It for Them

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