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Proposal to abolish refundability of Franking Credits, page-93

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JonnoH

12,970 Posts.

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15/09/18

16:11

Post #: 35622728
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Originally posted by Sabbath ↑

Just another analogy to bring home the point.................

If I start work in a PAYE job say earning $1000/week my employer must deduct taxation based on that weekly amount.

If I stop working at 18 weeks, having grossed $18,000 and paid maybe $4000 in tax, by submitting a tax return I will be refunded the $4000 as I am under the tax free threshold.

Dividend imputations are considered as income and franking credits are added on top the of the dividends received and later deducted.

I would suggest technically there is no difference

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The company does NOT pay tax for you.
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