Release: Taxpayers Thank Dick Smith For His Generosity

The Australian Taxpayers’ Alliance (ATA), a 75,000+ member grassroots advocacy group representing the nation’s taxpayers, today commended millionaire businessman Dick Smith for selflessly describing his $500,000 tax refund as "outrageous" and welcome Smith's upcoming voluntary payment to the Australian Tax Office.

"While we thank Smith for his apparent generosity in wanting to donate $500,000 to the public purse, we wish that he would demonstrate this by donating the money himself and not by demanding tax hikes on other retirees." said Satya Marar, ATA Director of Policy.

"Franking credit refunds are not handouts. Rather, they provide some relief from Australia's whopping 30% company tax paid by businesses on the behalf of shareholders, to retirees across the country: one of the highest rates in the developed world. They encourage Australians to invest in local companies, thereby supporting the employment of thousands of workers. While Smith may not think he deserves to keep as much of his own money, that is no excuse to go after hardworking Australians who have planned for their retirement security around this important concession; one which also encourages many Australians to support themselves through their own shares and thereby lessens reliance on the public purse.

"We are certain that Dick Smith is not a virtue-signalling hypocrite who would make such a grand public declaration without substantiating it with action and are sure that he will provide confirmation and proof of his $500,000 donation in due course. He can do this by making a 'voluntary payment' which will not be refunded unless he asks, according to the ATO website.

"Perhaps some of the money can subsidise relief to ordinary Australians hit by the online shopping tax which he vociferously lobbied for."

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Brian MarlowTax