Individuals who are required to lodge an income tax return will use their tax return to claim a refund of franking credits that exceeds their tax payable. They do not have to lodge a separate claim form.
For individuals who are not required to lodge a tax return, the refund is available on lodging a form Application for refund of franking credits for individuals. Individuals need to obtain a copy of the publication Refund of franking credits instructions and application for individuals, which contains a claim form and details of how to lodge the claim.
Individuals will need to retain in their records the dividend statements from the company that paid the franked dividend, or the trust or partnership that made the distribution containing the franking credit. These statements should show the amount of the net dividend, the franked amount, unfranked amount and the franking credit, together with the date of payment.
If you have received a dividend that has Australian franking credits attached from a New Zealand company, you may be eligible to claim the Australian franking credits. Further information on claiming Australian franking credits from a New Zealand company can be found in the TaxPack supplementor the Refund of franking credits instructions and application for individuals.
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