NO REFUNDS

Opposition Leader Bill Shorten will today pledge to end refunds for excess imputation credits for individuals and superannuation funds, in a crackdown forecasted to save $11.4 billion over the forward estimates.

According to The Guardian, a future Labor government would restore Paul Keating's original dividend system, introduced in 1987 to prevent the taxation of dividends as both company profits and personal income, and end John Howard and Peter Costello's enhanced scheme that allows individuals and super funds to claim cash refunds for any excess imputation credits not used to offset tax liabilities.