Published on 29 Jul 08
by SOUTH AUSTRALIAN DIVISION, THE TAX INSTITUTE
The simplified imputation system came into effect on 1 July 2002 with the intention of providing simpler rules, increased flexibility and greater consistency in the treatment of distributions.
This presentation covers the fundamental principles of the imputation system and then examines the more complex issues that entities may encounter when making and receiving franked distributions. Topics covered include:
- briefing comparison to previous system
- franking accounts
- making franked distributions, including:
- franking deficit tax
- benchmark rule
- over franking tax
- dividend streaming (anti-avoidance rules)
- effect of receiving a franked distribution
- treatment of tax losses
- requirement to lodge a franking account return.
Helen is the Business Services Manager with Edwards Marshall
Current at 29 July 2008 Current at 28 July 2008