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Australian millionaire Dick Smith has railed against franking credits, pointing at the $500,000 the ATO gave him in 2017. A bit late to do anything about it, Dick.
The issue of franking credits, otherwise known as dole bludging for catamaran owner, has struck again with the news that millionaire Australian businessman Dick Smith received $500,000 in franking credits in a single year. Smith, to his merit, labelled the windfall an “outrageous” use of taxpayers’ money and noted his letter of complaint he sent to the ATO back in 2017.
Smith, who made his name in electronic stores that bore his (as well as bringing nationalism to the breakfast table) said that he received $500,000 in franking credits in 2016-17 and $250,000 in 2017-18. According to Fairfax, these numbers were confirmed by his adviser, Phil Murrell.
“I found I was getting this ridiculous money from the government,” Mr Smith told The Sydney Morning Herald and The Age.
“That’s wrong, I said – I’m wealthy. My accountant said ‘that’s how it works, that’s what you have to do’. I can’t stop it. I think it’s outrageous for wealthy people to be getting money from the government.”
“Labor sold the whole thing incompetently,” Mr Smith said on Tuesday. “They should have put a threshold on it, so wealthy people like me would pay the tax, but pensioners and less well-off people would not meet that threshold.”
What to do with the scheme is a matter of yet more political squabbling. While the Coalition openly panned the Labor created (albeit Howard re-engineered) plan, and the attempts to limit it as “retiree-tax”, a winding back of the scheme is yet to be openly discussed, however, the opposition leader Anthony Albanese has promised that all policies are set to be reviewed prior to the next election cycle. Sure, Jan.
Overall, I appreciate your honesty, Dick. Although, one has to wonder why you waited until after the election to tell us. That, and will you be returning the “ridiculous money” sitting in your account?