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Re: Australian Dividend Franking

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Posted by John Mott on April 13, 2006 at 02:42:19:

In Reply to: Re: Australian Dividend Franking posted by Mark on April 03, 2006 at 11:36:32:

Mark
Sorry I am a bit late getting back to you on this.

In the example, I receive a cheque or other form of credit for the $675 franked dividend.
I enter this in the Distributions section as a dividend received for the investment and $675 is automatically added to my bank account in FM thus updating the balance of the cash account. The $675 is of course recorded as dividend income and shows up on Distribution Summary, Investment Performance, Return on Investment reports etc.

The $289.29 Imputed Credit is notional figure which becomes available to me as income at a later date when I lodge my annual tax return.
(Note that I do not receive cash for this income, but a credit against my taxation liability.)
To account for this I enter it as a Long Term Capital Gain (Because I do not use this category otherwise)and it then shows up as Income for the investment, but regrettably also shows as a credit to my bank account in FM, so I manually delete this entry from the bank account.
This gives me a record of the Imputed Credits in the Investment Performance figures and I manually change the heading on the Distribution Summary.

This works for me, but it would be handy if there was a category for Imputed Credits (Or call them Franking Credits) in the Distributions section which added into the Distributions but did not automatically add onto the bank account.

Hope this makes sense
Regards
John



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