A frank discussion about tax plan

New hearings on impact of removing franking credits announced

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MONEY MATTERS: The House of Representatives Standing Committee on Economics has announced a number of hearings about franking credits in Victoria this month.

MONEY MATTERS: The House of Representatives Standing Committee on Economics has announced a number of hearings about franking credits in Victoria this month.

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Franking credits hearings will be held in Malvern, Brighton, Mount Martha and Torquay.

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THE House of Representatives Standing Committee on Economics has announced a number of new public hearings as it continues its inquiry into possible implications of removing franking credits.

Hearings will take place in the Victorian suburbs of Malvern, Brighton, Mount Martha and Torquay, following on from a number of hearings that were held in Queensland and NSW in February.

Committee chair Tim Wilson said the committee had received well over 1000 submissions.

He said many of the submissions had been made by retirees who were concerned they would be forced on to the aged pension if the ability to claim refunds on franking credits was removed.

"The committee continues to gather evidence about how the removal of refundable franking credits would affect investors, particularly senior Australians whose financial security could be compromised," he said.

"These hearings will provide an opportunity for Australians impacted by a change to refundable franking credits to address the committee directly with a three minute statement and we welcome their contributions and participation.

Hearings will take place in the following locations:

  • St George's Anglican Church, Malvern, from 10-11.30am on March 19
  • Brighton Town Hall from 2-3.30pm on March 19
  • New Peninsula Centre, Mount Martha from 9-10.30am on March 20
  • Spring Creek Pavilion, Torquay from 3-4.30pm on March 20

Labor announced it would close down a concession that gives cash refunds for franking credits in its new tax plan announcement in march last year.

Further hearings will be announced as the inquiry continues.

Submissions can be made online or by emailing economics.reps@aph.gov.au and a number of already received submissions can also be viewed online.

For more information, click here. 

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