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Refund of franking credit instructions and application for individuals 2017 https://www.ato.gov.au/Individuals/Taxreturn/2017/Indetail/Publications/Refundoffrankingcreditinstructionsandapplicationforindividuals2017/ Last

How to fill out refund of franking credit

How to fill out refund of franking credit

1. Obtain the necessary refund of franking credit form from the relevant authority or website.
2. Fill in the form with your personal details, including your name, contact information and tax file number.
3. Provide the necessary details of the franking credits you are claiming a refund for, such as the amount and franking period.
4. Attach supporting documentation, such as dividend statements or investment records, to substantiate your claim.
5. Double-check all the information provided and make sure it is accurate and up-to-date.
6. Submit the completed form and supporting documents to the designated authority via mail or electronically.
7. Wait for the authority to process your claim and refund the franking credits to you.
8. Keep a record of your refund claim and any correspondence with the authority for future reference.

Who needs refund of franking credit?

1. Individuals and companies who have received dividends from Australian companies are eligible to claim a refund of franking credits.
2. Furthermore, individuals or entities that have paid more in income tax than their tax liability due to the imputation credits can also benefit from refunding franking credits.
3. Non-residents and overseas investors may also be eligible to claim a refund of franking credits, subject to certain conditions and tax treaties between countries.

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What is refund of franking credit?

Refund of franking credit is the process of returning excess imputation credits to a taxpayer.

Who is required to file refund of franking credit?

Individuals, companies, and trusts who have excess franking credits are required to file for a refund.

How to fill out refund of franking credit?

To fill out a refund of franking credit, the taxpayer needs to complete the appropriate form provided by the tax authority and submit it with supporting documents.

What is the purpose of refund of franking credit?

The purpose of refund of franking credit is to return excess imputation credits to taxpayers who are not able to fully utilize them.

What information must be reported on refund of franking credit?

The refund of franking credit form typically requires details such as the taxpayer's identification information, the amount of excess franking credits, and supporting documentation.