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14 Dec 2018 Regarding Senior Tax Counsel’s report ‘The effects of Labor’s proposal to deny excess imputation credits’

TaxVine 46 (30 November 2018) 

MEMBER 402 writes: 

Hi Bob, 

Thank you for entertaining the request to revisit some of the issues that you have raised in your article ‘The effects of Labor’s proposal to deny excess imputation credits’.But more importantly, to address some of the misconceptions of how franking credits work within a retail superannuation fund.  

I’m a member of the Tax Institute and have been working in the financial services industry (specifically for organisations operating within the retail investments, superannuation and life insurance sector) for the past 20 years, managing income tax for such organisations and investors/members in their products. Accordingly, I do believe that I have the knowledge and experience to be able to comment or at least provide some insight as to how retail superannuation funds typically handle or deal with franking credits. 

With this in mind, I would like to provide specific responses to certain sections (highlighted in the link below)of your article and please note that everything stated below is from the perspective of a retail superannuation fund that operates a Master Trust investment structure. 

But let’s start with an explanation of this investment structure and how unit pricing works with such a fund and its product offering! 

Editor’s note: Thank you to Member 402 for writing into TaxVine. Your comments on the misconceptions of how franking credits work within a retail superannuation fund have been incredibly insightful. For members who are interested in this topic, we encourage you to read Member 402’s feedback here. The link will take you to another page, where the comments can be read.

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