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Refundable franking credits

This dialog applies to fund returns (EF and MS).

Franking credits are passed to holding dialog in the calculation statement at either of labels C2 or E1 based on the Status of the fund.

For complying funds integration is to label E1, item 12 in the fund return (EF) and item 13 in the self-managed fund return (MS). For non-complying funds, franking credits are limited to gross tax payable and are passed to label C2.

If the response to the question at item 8, label J is Yes and the type of fund or trust at label A1 is not a non-regulated fund (Code I), the fund is considered to be complying.

Other items passing amounts to this holding dialog are:

  • Franking credit entered at item 10 label L in the EF and item 11 in the MS

  • Australian franking credits from a New Zealand company entered at item 10 label E in the EF and item 11 in the MS

  • Trust distributions worksheet (dft)

  • Partnership distributions worksheet (dfp)

A further field is provided to enter any other franking credit that is not supported by an income tax return label or an MYOB Tax worksheet.

An additional field Less Cr not entitled for any reason is provided to make any adjustment required.

This is not a worksheet and therefore is not available to be printed with the return.

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