Distribution Agreement Trust With Franking Credits
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How to fill out Distribution Agreement Trust With Franking Credits?
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FAQ
A beneficiary who is specifically entitled to a capital gain or franked distribution that has been received by a trust is generally assessed for tax on the gain or distribution. They also get the benefit of any franking credits attached to a franked dividends (subject to integrity rules).
If you are the beneficiary of a trust and the trust makes a loss for tax purposes, there is no net income of the trust and any franking credit is lost. Trust losses cannot be distributed to beneficiaries.
Trustees who are eligible for a refund of excess imputation credits can claim the refund in their trust tax return. They must retain the dividend statements from the company that paid the franked dividends or the trust that made the franked distributions in their records.
Trusts. A trustee receiving a franked dividend includes both the amount of the dividend and the franking credit in the trust's assessable income when calculating the trust's taxable income or loss. This is subject to the trust satisfying the integrity rules.
The amount of a franking credit may be included in the calculation of the trust's net income under subsection 207-35(1) of the ITAA 1997, but does not form part of the distributable income of the trust estate.