• K Franked dividend amount

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Was the SMSF paid franked dividends, including franked non-share dividends?

    No

    Leave K blank. Go to L.

    Yes

    Read on.

    Write at K the total amount of franked dividends, and franked non-share dividends, that were paid to the SMSF. The amount at K should not be reduced by any loss or outgoing related to the income.

    If you include an amount at K that is exempt current pension income, also include it at Y Exempt current pension income.

    Do not include:

    • franking credits (include these at L Dividend franking credit)
    • franked dividends that are a share of net income from a trust (include these at M Gross trust distributions)
    • franked dividends that are part of a distribution from a partnership (include these at I Gross distribution from partnerships)
    • franked dividends that are part of a distribution from a pooled development fund (unless you have elected to include the franked dividends in the SMSF's assessable income)
    • franked dividends from a New Zealand franking company (include these at D1 Gross foreign income)
    • franked dividends on which family trust distribution tax has been paid
    • franked dividends that are non-arm's-length income of a complying SMSF (include these at U1 Net non-arm's length private company dividends).

    L Dividend franking credit

    Were franking credits attached to dividends paid to the SMSF for which it is entitled to a franking credits tax offset?

    No

    Leave L blank. Go to M.

    Yes

    Read on. 

    Write at L the total amount of the franking credits:

    In addition to including a franking credit at L, you must also include it at either:

    • E1 Complying fund’s franking credits tax offset in Section D if the SMSF is a complying fund
    • C2 Rebates and tax offsets in Section D if the SMSF is a non-complying fund.

    If you include an amount at L that is exempt current pension income, also include it at Y Exempt current pension income.

    The amount at L should not be reduced by any loss or outgoing related to the income.

    Do not include:

    • the dividend that the franking credit is attached to (include it at K Franked dividend amount)
    • franking credits where the SMSF is not entitled to a franking credits tax offset (do not include these anywhere on the SMSF annual return)
    • franking credits that are part of a share of net income from a trust (include these at M Gross trust distributions)
    • franking credits that are part of a distribution from a partnership (include these at I Gross distribution from partnerships)
    • Australian franking credits from a New Zealand franking company (include these at E Australian franking credits from a New Zealand company)
    • franking credits that are part of a distribution from a pooled development fund (unless you have elected to include franked dividends and thus the franking credits in the SMSF's assessable income)
    • franking credits on which family trust distribution tax has been paid
    • franking credits attached to a dividend that is non-arm's-length income of a complying SMSF (include these at U1 Net non-arm's length private company dividends).
    Last modified: 15 Jan 2016QC 44344