2004 / Australia / dividend imputation

[David Brownridge]

Money 2004; Australia; "standard edition".

Anyone have a way of dealing with taxation imputation of share dividends?

We don't prepare our own tax returns -- have a tax accountant do that -- but
we would like, when we record the dividends in Money, to have a way to
indicate how much of the dividend has been imputed.

 

[Hank Scorpio]

Money 2004; Australia; "standard edition".

In Australia, we don't get any other edition, it seems.

Anyone have a way of dealing with taxation imputation of share dividends?

We don't prepare our own tax returns -- have a tax accountant do that -- but
we would like, when we record the dividends in Money, to have a way to
indicate how much of the dividend has been imputed.

The way I do it is to simply put the franking credit amount in the
comments line. I give each dividend received the same comment format:

Final (or Interim) Shares Held @Dividend Rate~FC$Amount (x%)

This takes less time than you may think if you hold for the medium to
long term; in my case I have the twice per year deposits set up in my
bills and deposits list, then just tweak the numbers before I enter
the transaction into the ledger.

My tax accountant just keys the numbers into her software anyway, so
it doesn't really matter whether I have the franking credits as
separate transactions or just comments. However by using a standard
format, it's easy enough to export to Excel and parse the string to
extract the components if calculations are needed.