How will franking credits and debits be recorded?

Under the new imputation system, franking account entries are recorded on a tax-paid basis.

Example 1: Recording a Franking Credit

On 31 October 2002 Savcor Pty Ltd has $100 taxable income and pays $30 in income tax, Savcor Pty Ltd will record a $30 franking credit in its franking account.

    Last modified: 17 Dec 2015QC 16621