Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1697633003756.pdf (Australia)
Dear Senators, My wife and I are Self Funded Retirees receiving no benefits in any form from the Government including pensions or any other form of Social Security.

Our Incomes are under $100,000 pa, and we receive a Franking refund in the order of $10,000 pa each.

We also have one Son and one Daughter still at full time University.

Ages are 23 years and 22 years respectively.

(there are also 3 other children) Both Children are fully Funded by ourselves and also receive NO Government benefit.
The Son has mental health issues and is on the Autism Spectrum.He is receiving treatment and has been for the last 4 years.

This is also fully funded by ourselves.

Each of the past 5 years we have also made donations to charities approximately equal to the Franking account refund.

Our family takes great pride in the fact that we do not use the Social Security system to look after the family.
The removal of the Cash Refund of Franking Credits will significantly reduce our income and will have the following likely impact; 1) Force our children to utilise the Social Security system for their education including Uni fees and Rental assistance They may stay on that system (particularly the Son) as it will enable him to avoid confronting his issues We expect to find it difficult to re enter the workforce given our age, and the fact that my wife has been a Home Duties Mother looking after the children for the last 30 years (there are 5 children in total).
We will be discriminated against in respect of any legitimate tax deductions ( Eg; Charitable Donations) because the reduction in taxable income as a result of the legitimate deductions will not be recognised thru the refund of tax arising from the receipt of franking Credits.

We will be forced to try other forms of investment other than Australian Franked Equities, all of which we have less experience or confidence in.
It seems ‘inequitable’ that I have worked all my life and focused on NOT requiring government assistance in retirement, the to have the rules changed such that my wife and I will experience a significant reduction in income and hence forced to reduce our lifestyle accordingly.

While hard to predict, we be able to claim a pension much earlier than previously planned, intact, we will be forced to actively seek ways to get onto the pension as early as possible.
2) 3) 4) 5) 6) 7) Fiona and Alex Payne Inquiry into the implications of removing refundable franking creditsSubmission 340 Inquiry into the implications of removing refundable franking creditsSubmission 340