Can someone explain to me how to prepare a tax return with dividends and franked percentages?

I have these information:

  • Gross dividend amount
  • Franked %

And I need to fill these out in the tax return:

  • Total unfranked amount
  • Total franked amount
  • Total franking credits
  • Total TFN amounts withheld

I've searched around http://frankingcredits.com.au/ but it seems to provide only the franking credits.

Comments

  • +3

    it should be part of 'pre-fill' information (well it is for Telstra shares…)

    .

    • +1

      And if not pre-filled, all the info will be on your Dividend Statements - the ones you kept for your tax records…!

  • +5

    Here's an idea, speak with an accountant

    • +1

      *Ask your franking accountant!!

    • ozbargainers don't pay for something when they don't need to

      .

  • Your dividend statement clearly sets out the Franked / un-franked amounts, franking credits and gross amounts.

    If you do not have your dividend information, log into Computershare or Link Market services or which ever service you are using with your HIN to retrieve the electronic copies of all statements.

  • The company for which you own the shares may not yet have released your annual tax statement. That statement will usually give you each of the figures and their labels on the tax return (13C, 13Q, 13R etc).

    I've managed myself for quite a number of years now going working off those statements and putting it into eTax or whatever its called now. I got a warning letter once from the ATO because I missed something, but that was it, just a warning, they didn't adjust my tax return or anything. Probably should start getting my tax returns done by a professional!

  • I hate to be the one, saying dont ask for advise on a forum, and I too did my own tax as a student for years, but accountants are plentiful and many are cheap for a basic return. Just get one, for the 200 bucks I paid for my simple tax returns to be done I easily saved more in deductions and advise than had I continued to do it my self.

    • Yeah I'm not so sure on this one. Online lodgements are incredibly straightforward now and the amount of deductions most people can make are pretty limited.

  • +1

    what @musthazbargains said - it should be on your statement.

    From memory, you just add it as another income stream under 'personalise my return', then fill in the appropriate section you added when completing your return, use the codes supplied to figure out where to put the values, rather than the description, as the wording can be different between your statement and the tax return app thing.

    ATO are generally pretty helpful if you give them a call.

    If its part of an employer scheme, there's a section for that too.

    • +1

      There's a dedicated section for Dividends…

    • ATO are generally pretty helpful if you give them a call.

      This, too. I had my statements but I couldn't figure out which section my dividends were supposed to go in last year so I gave them a call and they had me sorted out in less than 5 minutes (including hold time). And yes, I'm actually going to an accountant this year. :P

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