• L Dividend franking credit

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    Show at L the amount of the franking credits attached to dividends and non-share dividends that the fund received.

    Franking credits reduce the amount of tax that the fund owes. Franking credits in excess of the tax payable will be refunded if your fund is a complying superannuation fund, complying ADF or PST. Show the amount of franking credits attached to dividends and non-share dividends that the fund received at F4 Credit: refundable franking credits item 12.

    If your fund is a non-complying superannuation fund or a non-complying ADF, show the amount of franking credits attached to dividends and non-share dividends that the fund received at C2 Credit: rebates and offsets item 12.

    If the franking credit is attached to a dividend considered as non-arm's length income, include this at U Net non-arm's length income.

    Do not include at L any franking credits attached to assessable dividends received directly or indirectly from a New Zealand franking company. Show these at E Australian franking credits from a New Zealand company.

    If you elect to include the franked part of a distribution from a PDF in your assessable income, you must also include the franking credit on the distribution (worked out in accordance with Subdivisions 207-B and 207-D of the ITAA 1936) in your assessable income. Otherwise, a franking credit on a distribution from a PDF is exempt from income tax.

    If you qualify for a venture capital franking tax offset, a venture capital credit on a distribution from a PDF is not included in the assessable income of the fund.

    Last modified: 25 Nov 2009QC 21714