Australia's peak body for social services has released its tax reform election policy. It is calling for an end to tax loopholes for the wealthy in order to fund investment in our essential services and income support system.

The committee gathered evidence from 19 public hearings and 1777 submissions, finding that the proposed policy to remove refundable franking credits is inequitable and deeply flawed. It recommends that any policy that could reduce Australian retirees’ income by up to a third should only be considered as part of an equitable package for wholesale tax...

The key motivation for New Zealand’s Labour-led government in establishing the Tax Working Group was to investigate a fairer tax system. For reasons of simplicity, the TWG proposes broad exclusions from a capital gains tax, including a taxpayer’s primary home and all personal assets such as collectables and artworks.

Concerns about the structure, fairness and balance of the New Zealand tax system have led to the Tax Working Group recommending the government tax more income from capital gains.

This paper discusses the history of cash refunds of excess franking credits, and the impact abolition would have on taxpayers, markets and revenue.