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When it does so, it may attach a franking credit from its franking account, in proportion to the tax rate. If a $70 dividend is paid it could attach $30 of franking credits, and the franking account is debited by $30. An eligible shareholder receiving a franked dividend declares as income the cash received, plus the franking credit.
It is a form of tax prepayment, which can reduce a taxpayer's total tax liability, with any excess being refunded. For example, an individual with income below the tax-free threshold ($18,200 since 2011/12) will pay no tax at all and can get a refund of the franking credits in full, after a tax return is lodged.
A tax credit (called a franking credit) is available to resident shareholders who receive the dividends to reflect the tax paid by the corporation (a process known as dividend imputation). A withholding tax applies on unfranked dividends paid to non-resident shareholders. [14]
Credit card refunds allow you to get money back for a purchase made with your credit card, usually in the form of a credit to your account. Refunds can take five to 14 business days to process and ...
Initially, in 1987, excess franking credits over the tax liability were lost, but since 2000, such excess credits have been refundable. [20] Non-resident shareholders are not entitled to claim a tax credit or refund of imputation credits.
You’ll have the option of having the refund sent via PayPal or check. The FTC is accepting claims through Jan. 10, 2025. To be eligible for the payment, you need to qualify.