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| Labor pushes to refer Tim Wilson to privileges committee | Labor pushes to refer Tim Wilson to privileges committee |
| (7 months later) | |
| Labor has pushed to refer Liberal MP Tim Wilson to the privileges committee over politicisation of a parliamentary inquiry into the opposition’s franking credit policy. | Labor has pushed to refer Liberal MP Tim Wilson to the privileges committee over politicisation of a parliamentary inquiry into the opposition’s franking credit policy. |
| On Wednesday Tony Burke, the manager of opposition business, asked the speaker, Tony Smith, to give precedence to a motion to refer Wilson, questioning whether he had harmed the “dignity of the parliament and its committee system”. | On Wednesday Tony Burke, the manager of opposition business, asked the speaker, Tony Smith, to give precedence to a motion to refer Wilson, questioning whether he had harmed the “dignity of the parliament and its committee system”. |
| Tim Wilson authorised a partisan website stoptheretirementtax.com part-funded by Geoff Wilson, his first-cousin, once-removed, which garners submissions opposed to Labor’s policy and signs submitters up to a Wilson Asset Management petition. | Tim Wilson authorised a partisan website stoptheretirementtax.com part-funded by Geoff Wilson, his first-cousin, once-removed, which garners submissions opposed to Labor’s policy and signs submitters up to a Wilson Asset Management petition. |
| In September Geoff Wilson boasted to investors that he had asked Tim Wilson, who chairs the House economics committee, to schedule inquiry hearings alongside Wilson Asset Management roadshow events to help investors protest against Labor’s policy. | In September Geoff Wilson boasted to investors that he had asked Tim Wilson, who chairs the House economics committee, to schedule inquiry hearings alongside Wilson Asset Management roadshow events to help investors protest against Labor’s policy. |
| Tim Wilson's franking credits roadshow gets elderly audience fired up | Tim Wilson's franking credits roadshow gets elderly audience fired up |
| Burke questioned whether Tim Wilson had “organised the committee’s hearing schedule and locations at the behest of a person with a vested interest in the inquiry”. | Burke questioned whether Tim Wilson had “organised the committee’s hearing schedule and locations at the behest of a person with a vested interest in the inquiry”. |
| “This also raises the question as to whether the actions of the chair amount to an improper interference with the free exercise of his own committee’s authority or functions, such as to constitute a contempt of the house,” he said. | “This also raises the question as to whether the actions of the chair amount to an improper interference with the free exercise of his own committee’s authority or functions, such as to constitute a contempt of the house,” he said. |
| Tim Wilson declared on the pecuniary interest register that he is a shareholder in two funds managed by Wilson Asset Management but failed to make a declaration in public hearings, including the 30 November hearing at which Geoff Wilson gave evidence. | Tim Wilson declared on the pecuniary interest register that he is a shareholder in two funds managed by Wilson Asset Management but failed to make a declaration in public hearings, including the 30 November hearing at which Geoff Wilson gave evidence. |
| Burke suggested that given Tim Wilson’s shareholding through his self-managed superannuation fund, he “may be impacted by the very policy his committee is inquiring into” in his retirement. | Burke suggested that given Tim Wilson’s shareholding through his self-managed superannuation fund, he “may be impacted by the very policy his committee is inquiring into” in his retirement. |
| He questioned whether Tim Wilson had breached standing orders that “no member may sit on a committee if he or she has a particular direct pecuniary interest” in the matter under inquiry. | He questioned whether Tim Wilson had breached standing orders that “no member may sit on a committee if he or she has a particular direct pecuniary interest” in the matter under inquiry. |
| Tim Wilson has denied having a conflict of interest, telling Guardian Australia he “will not be affected by Labor’s retirement tax”. | Tim Wilson has denied having a conflict of interest, telling Guardian Australia he “will not be affected by Labor’s retirement tax”. |
| Burke noted that as a result of the Stop the Retirement Tax website, the committee will be using “evidence written by the chair” lodged through a website “partly funded by a person with a vested interest” in the inquiry. | Burke noted that as a result of the Stop the Retirement Tax website, the committee will be using “evidence written by the chair” lodged through a website “partly funded by a person with a vested interest” in the inquiry. |
| Tim Wilson has consistently defended the Stop the Retirement Tax website, arguing it is clearly a “campaign site” with “no subtlety”, and users are able to edit the pro forma message opposing Labor’s policy, refuse to sign the petition or pass their details on. | Tim Wilson has consistently defended the Stop the Retirement Tax website, arguing it is clearly a “campaign site” with “no subtlety”, and users are able to edit the pro forma message opposing Labor’s policy, refuse to sign the petition or pass their details on. |
| In its first iteration the website required users to sign the Wilson Asset Management petition to register to attend hearings, although it has since been modified to remove that requirement. | In its first iteration the website required users to sign the Wilson Asset Management petition to register to attend hearings, although it has since been modified to remove that requirement. |
| Burke said the website still “continues to create the misleading impression that in order to attend people are required to register even though that is not the case”. | Burke said the website still “continues to create the misleading impression that in order to attend people are required to register even though that is not the case”. |
| A franking credit is an entitlement to a reduction in personal income tax payable to the Australian Taxation Office. The entitlement is offered to individuals who own shares in a company in recognition of the tax on profits paid by that company. It is attached to a dividend which the company pays to shareholders out of its after-tax profits. The value of the franking credit is equivalent to the tax paid on the individual’s share of the company profit before it was distributed as a dividend. | A franking credit is an entitlement to a reduction in personal income tax payable to the Australian Taxation Office. The entitlement is offered to individuals who own shares in a company in recognition of the tax on profits paid by that company. It is attached to a dividend which the company pays to shareholders out of its after-tax profits. The value of the franking credit is equivalent to the tax paid on the individual’s share of the company profit before it was distributed as a dividend. |
| The rationale for the credit is to avoid double taxation. Because the company has already paid tax on the dividend, the accompanying franking credit reduces tax payable by the individual on their total taxable income. | The rationale for the credit is to avoid double taxation. Because the company has already paid tax on the dividend, the accompanying franking credit reduces tax payable by the individual on their total taxable income. |
| If a company is paying the full 30% company tax rate, a “fully franked” dividend of 70 cents per share will be accompanied by a franking credit of 30 cents per share, representing the tax that the company has paid on its $1 per share of pre-tax profits. | If a company is paying the full 30% company tax rate, a “fully franked” dividend of 70 cents per share will be accompanied by a franking credit of 30 cents per share, representing the tax that the company has paid on its $1 per share of pre-tax profits. |
| Franking credits are only available to Australian residents. Historically, the ATO did not refund individuals with cash for any franking credits in excess of their tax payable, but this was changed by the Howard government in 2000 to allow individuals to receive cash refunds even if they do not pay any personal income tax. | Franking credits are only available to Australian residents. Historically, the ATO did not refund individuals with cash for any franking credits in excess of their tax payable, but this was changed by the Howard government in 2000 to allow individuals to receive cash refunds even if they do not pay any personal income tax. |
| Burke said that before the changes people had been “forced to provide their private information to a commercial enterprise” and the website was likely to discourage people with a different view on Labor’s policy from attending hearings. | Burke said that before the changes people had been “forced to provide their private information to a commercial enterprise” and the website was likely to discourage people with a different view on Labor’s policy from attending hearings. |
| “As such, in its deliberations the committee will be forced to rely on evidence which has been prejudiced by the actions of the chair.” | “As such, in its deliberations the committee will be forced to rely on evidence which has been prejudiced by the actions of the chair.” |
| Burke said it was “not clear who has access” to contact details provided through the site. Guardian Australia has reported that people who made submissions via the website were then contacted by Wilson Asset Management. | Burke said it was “not clear who has access” to contact details provided through the site. Guardian Australia has reported that people who made submissions via the website were then contacted by Wilson Asset Management. |
| Burke noted that Tim Wilson had not intervened at the 30 January inquiry hearing when Liberal MP Andrew Wallace encouraged people to join the Liberal party and did not stop membership forms being handed out. | Burke noted that Tim Wilson had not intervened at the 30 January inquiry hearing when Liberal MP Andrew Wallace encouraged people to join the Liberal party and did not stop membership forms being handed out. |
| Liberal MP Jason Falinski also posted Liberal A-frames outside the hearing in Dee Why, he said. | Liberal MP Jason Falinski also posted Liberal A-frames outside the hearing in Dee Why, he said. |
| Shadow attorney general, Mark Dreyfus, has written directly to the privileges committee to complain that Tim Wilson failed until Wednesday to declare whether he is a director or shareholder of Bolger-Wilson Investments Pty Ltd, although Wilson did declare he is the beneficiary of that family investment trust. | Shadow attorney general, Mark Dreyfus, has written directly to the privileges committee to complain that Tim Wilson failed until Wednesday to declare whether he is a director or shareholder of Bolger-Wilson Investments Pty Ltd, although Wilson did declare he is the beneficiary of that family investment trust. |
| The speaker Tony Smith said he would “carefully consider” the matters raised and report back to the house. | The speaker Tony Smith said he would “carefully consider” the matters raised and report back to the house. |
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