BGL is concerned about the recent comments made about franking credits.
“I thought after the election result no government would change the franking credits system” said BGL Managing Director Ron Lesh. “Clearly the Australian people have spoken so it surprised me to see comments from a partner of a big 4 firm suggesting the policy was in need of review”
“Reading the papers over the past few days, it would seem many from the Left are having problems with the election result” noted Lesh. “But I would have thought the accounting profession would have been happy this whole sordid matter has now been put to bed. Australian’s have voted decisively they do not want to pay tax twice on dividends and they believe (correctly so) that the current system is fair. If a company pays tax on behalf of a shareholder, the shareholder should be entitled to a credit for the tax paid – whether that leads to the shareholder receiving a cash refund or not”
“Some people, especially those in their ivory towers in Docklands, don’t seem to understand that” added Lesh. “Maybe they were at the party at Essendon Fields ? The Labor policy (not yet abandoned by the way) was simply unfair to SMSFs, pensioners and many other hard working Australians who have invested their after tax dollars in shares. It was a “Retirees Tax”. And Australia’s retirees rejected it.”
“I would hope all of the discriminatory and unfair tax policies dreamt up by the Labor party are now well and truly dead and buried” says Lesh. “Certainly any politician dumb enough to bring back any of these policies will face defeat at a general election. Australian’s are not dumb or stupid or selfish as has been suggested by some of the out of touch Lefty Elites. They care about their jobs, their families, being rewarded for success and a fair go. Maybe this is what the Big 4 accounting firms should focus on! ”
Well said.