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  • P Trust distributions franking credit

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    Warning:

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

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    Where the fund is entitled to a franking credits tax offset, show at P the total amount of franking credits attached to dividends and non-share dividends included in trust distributions.

    The fund is not entitled to a franking credits tax offset if:

    • the relevant interest is not held at risk as required under the holding period and related payments rules
    • there is some other manipulation of the imputation system
    • the gross distribution from the trust is exempt income or non-assessable non-exempt income (other than because of certain provisions mentioned in section 207-110 of the ITAA 1997).

    If the fund is entitled to a franking credits tax offset and is a complying superannuation fund, complying ADF or PST, include the amount of franking credits attached to such dividends at E1 Complying fund's franking credits tax offset item 12.

    If the fund is entitled to a franking credits tax offset and is a non-complying superannuation fund or non-complying ADF, include the amount of franking credit attached to such dividends at C2 Rebates and tax offsets item 12.

    If the fund is not entitled to a franking credits tax offset, do not record the franking credit attached to the dividend.

    Last modified: 08 Jun 2012QC 25835