While the rest of the country is getting exercised about other things, I thought it timely to return to a topic that had legs in 2019 when Labor lost an election it was, apparently, going to win by a mile. Talk of another election has been hosed down by the prime minister, but it won’t be too long before these issues will again start to enter the public sphere. Sometime in the early part of this year, Labor publicly announced that it would drop the policy whereby a tax credit would not be paid to retired shareholders on account of tax paid by companies. This sounds pretty arcane and marginal but if you’re living on uncertain income from investments – as retirees all are – then it sort of becomes a big deal. Franking credits are tax refunds available for retired shareholders. Because companies pay income tax, the government decides that shareholders do not have to pay tax on dividends paid to them as a result of owning shares. Under the existing system, even if you pay no income tax, yo...