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Will the ALP attack franking credits next time?, page-27

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bdell

1,468 Posts.

261

07/04/20

19:42

Post #: 43936123
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Originally posted by benson1610 ↑

This is about as technical as i'm going to get regarding accountancy because just when i feel i understand what the accountant is telling me regarding smsf's some other regulation is introduced.
For me the bottom line is over 20 years approx since business sold whether its called dividends or drawings what ever,at the end of the year fc's on yr books can b used as required to reduce tax.
Obviously u take advantage of the approx $19,000 tax free income,after that its up to u/accountant how fc's r used to counter higher income tax rates.
One of my points was would have the labor policy abolished the use of these fc's that were on the books.?
Anyway just thought i would mention private co fc's built up in businesses r still on books once business sold.

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Hi @benson1610
U seem to have a better grip than most here. Would u (or anyone else) happen to know if SMF’s have had the pension amount for 2020 reduced down to 3%. It’s close enough to impossible to contact Centrelink nowadays to find out. Thanks in advance.
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