Originally posted by occam
question for you Picastoc and others if they know. If you moved the right amount of money out of a self managed super fund and into your own name , and you own Australian shares that give franking credits. Could you use the franking credits to reduce any tax liability ? My understanding is that you could reduce you tax liability to zero but get no refund. Is this correct ?
yes
that is what sapto is about (for non govt pensioners) so u can earn $40K assessable odd before paying income tax (not a lot of help with franking loss though)
but your earnings must be somewhere in the order of $120K assessable (all from investments) to use up all of the credits and not lose any money in the wash-up (u did say move money out of super - which means certain things in ur life)
you cannot get that capital it back into super if taken out
(my general thoughts only as i am young and a vegetarian)
