Concerns the Albanese government’s crackdown on franking credits could accidentally hit banks and start-up companies has led a Senate committee to recommend the tax change be narrowed.
Assistant Treasurer Stephen Jones has proposed two measures to curtail franking credits connected to capital raisings and off-market share buybacks to save the budget an estimated $600 million over four years.
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John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
