27 Mar 14
10 cents worth of trouble
MEMBER 24 writes:
"We have a client company whose sole function is to receive franked dividends and then on pay those as franked dividends to its shareholders.
Due to the rounding of the franking credit every year the company is accumulating a tax liability of ten cents. Clearly the government legislation writers and the ATO computer programmers are missing experience in the real world.
It is these anomalies that need to be fixed up on Repeal Day."