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Show at K the total amount of franked dividends and franked non-share dividends that the fund received, but do not include here franked amounts that the fund received from a New Zealand franking company (include them at D1 Gross foreign income and D Net foreign income).
The franked part of a distribution from a PDF is exempt from income tax, unless you elect to include the amount in the fund's assessable income. In that case, the franked part of the distribution and the franking credit on the distribution worked out in accordance with Subdivisions 207-B and 207-D of the ITAA 1936, are included in the fund's assessable income.
If the fund qualifies for a venture capital franking tax offset, so much of the franked part of the distribution that is franked with a venture capital credit is exempt from income tax. You cannot elect to include this amount in your assessable income. However, you may claim a tax offset in relation to a distribution franked with a venture capital credit even though the distribution is exempt from income tax. The tax offset is included at C2 Credit: rebates and offsets item 12. This amount of exempt income must also be taken into account when working out the amount of your tax loss at M Tax losses deducted item 11.
Last modified: 25 Nov 2009QC 21714