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E1 Complying funds refundable franking credits tax offset

Last updated 12 February 2019

Subject to satisfying the holding period rule and related payment rule, complying superannuation funds, complying ADFs and PSTs are entitled to claim a refund of excess franking credits in respect of dividends received (including non-share dividends and assessable dividends from a New Zealand franking company).

If you are one of these superannuation entities, show at E1 the amount of franking credits that relate to dividends received including non-share dividends and assessable dividends from a New Zealand franking company. Make sure you have included the amount of franking credits in the assessable income shown at:

  • I Gross distributions from partnerships item 10
  • L Dividend franking credit item 10
  • P Trust distributions franking credit item 10
  • E Australian franking credits from a New Zealand company item 10.

If the fund is a non-complying superannuation fund or a non-complying ADF, the fund is entitled to a tax offset of franking credits that relates to dividends received (including non-share dividends and assessable dividends from a New Zealand franking company) against the income tax liability of the fund. Show the amount of franking credits at C2 Rebates and tax offsets. Make sure you have included the amount of franking credits in the assessable income shown at L Dividend franking credit,P Trust distributions franking credit and E Australian franking credits from a New Zealand company.

Do not show at E1 credits that you have included at C1 Foreign income tax offset or payments for the fund's 2011-12 tax liability. Show any amounts already paid for the fund's 2011-12 tax liability at K PAYG instalments raised.

A dividend from a New Zealand franking company may also carry New Zealand imputation credits. An Australian resident cannot claim New Zealand imputation credits.

QC25835