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  • Home
  • About Us
    • Our Philosophy
    • Staff Profiles
  • Our Services
    • Accounting for Trades People
    • Accounting, Taxation & GST
    • Benchmarking
    • Business Coaching
    • Financial Planning
    • Insurances
    • Loans & Mortgages
    • Management Consulting Services
    • Negative Gearing
    • Primary Production & Farmers
    • Recession Proof Your Business
    • Self Managed Super Funds
    • Starting Or Buying A Business
    • Vehicle & Equipment Finance
  • Resources
    • Taking Care of Business
    • On The Money Archive
    • Useful Links
  • Send Files
  • Newsletters
  • Contact Us

Resources

Imputation

20/9/2016

 
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​The imputation system provides a way in which Australian corporate tax entities can pass on credit for income tax they have paid to their members. The system prevents income tax being levied twice ­ once when the income is earned by the entity, and once upon distribution of the income to the members. 
​This imputation system works by franking a distribution. The franking account is a record of franking credits and franking debits that arise within an income year. All corporate tax entities are required to maintain a franking account. Typically a franking credit would arise in the franking account when the corporate tax entity pays its income tax or receives a franked dividend. A franking debit would arise when the corporate tax entity pays a franked dividend or receives a refund of income tax it has paid.

FURTHER INFORMATION:­ See the Imputation section of the ATO website. 


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    ​IMPORTANT DISCLAIMER:
    ​These articles are published as a guide to clients and for their private information. These articles do not constitute advice. Clients should not act solely on the basis of the material contained in these articles. Items herein are general comments only and do not convey advice per se. Also changes in legislation may occur quickly. We therefore recommend that our formal advice be sought before acting in any of these areas. 
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