On 6/7/2023 6:54 PM, jbonn...@internode.on.net wrote:
So, you get $10 dividend plus a $2 franking credit. The only amount you can
do anything with is that $10, the franking credit only applies at tax time.
This is why we who are not accountants in the jurisdiction should not
make accounting judgements.
I guess this is a question similar to the situation of those of us here
who have tax withheld, earned tax credits, etc. Now I (here in the US)
would be keeping things like those in my books as either an asset or
expense (pre-paid against the ultimate tax bill). I'd favor the former
way (treating it ads an amount the gov't owes me) because although I
don't actually do a close the books, I am "reconciling" income tax at
tax filing time in the following year. And asset accounts are "standing"
accounts.
But I am not an accountant, let alone one experienced is doing to the
Aussie way.
Michael D Novack
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