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Re: Australian Dividend Franking

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Posted by Mark on April 13, 2006 at 10:51:06:

In Reply to: Re: Australian Dividend Franking posted by John Mott on April 13, 2006 at 02:42:19:

: 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


Hi John,

Thanks, that does make sense, and helps out. Appreciate the post...

Thanks,
Mark
--
Fund Manager - Portfolio Management Software


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