Can you please let me know the accounting treatment for unfranked dividend if company pays unfranked dividend (ie. Unfranked dividend payment to parent company for the amount of $ 100,000)?
what are the other Debit and Credit accounts related to this particular transaction apart from below ledgers for taxation purposes?
I am a disabled pensioner as is my wife. When I left the workforce the company I worked for arranged for a number of shares to be paid to me after negotiations with the ATO. I received a div stmt recently in which my div was
F = $494.04,
FC = $211.73,
UF = $211.76
I have already submitted a form to state that I did not have sufficient income
on which to pay tax even with the total income from this div payment I still would be under the tax threshold. As I have submitted the earlier form and my income from this share is so small I figure it would be too expensive to get a tax consultant not to do a a refund of Franking Credit claim. With this in mind, can you tell me how much I would get refunded.
Can you help me, more importantly, will you help me understand each of these elements and how my statement relates to each one. A teaching point, if you will.
I do not mind if you use hypothetical figures instead of my actual and assume the total theoretical income is not subject to further income tax.
Others may benefit from this example.