Which of the following is NOT correct regarding taxation in Australia?

a. The imputation tax system allows double taxation of dividends.

b. Franking credits can be used to offset the investor's other sources of taxable income.

c. Australian companies have greater incentives to initiate dividends and raise existing dividend payouts under the imputation tax system.

d. Under the classical tax system, a company's profits were first taxed at the company tax rate, and dividends paid were taxed again at the investor's marginal tax rate