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29 Oct 08 Refund of excess imputation credits - companies

The ATO has identified that some companies are incorrectly claiming a credit for excess imputation credits through the use of Label Z: "Other refundable credits" on the calculation statement. The ATO has issued information about when to use Label Z and how to treat excess franking credits, noting also that companies in loss or nil income situations generally are not eligible to claim a refund of franking credits.

For a copy of the ATO's information on excess franking credits and Label Z go here.

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