SuperConcepts welcomes recommendations on franking credits

SuperConcepts welcomes recommendations by the Standing Committee of Economics against the removal of refundable franking credits on the grounds of discrimination.

Peter Burgess, SuperConcepts general manager technical and education services, said the report confirmed what they already knew about the impact of removing franking credit refunds.

“The report recommendations align with data modelling from SuperConcepts that show the proposed policy will hit lower income earners and unfairly discriminate against self-managed superannuation funds (SMSFs),” Burgess said.

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“It’s an unjust policy proposal that gives a distinct advantage to large funds over SMSFs who comprise a third of the total super sector.

“We don’t believe Government policy should ever be used to reduce choice and that’s exactly what this policy does by discriminating against SMSFs.”

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