Dividends are Income and therefore should be included in any calculation to determine a taxpayers Taxable Income.
Example 1:
Taxpayer has (No other Income.)
FMG Dividend received for the YE 30/6/23 $25,000
Franking Credit attributable to the FMG Dividend $7,500
2023 Taxpayer Taxable Income $32,500 (Grossed Up)
(Tax Calculation on $32,500
0-$18,200 Nil
$18,201-$32,500 $2,716.81
Medicare Levy $650.00)
Tax Payable $3,366.81
Add back FMG Franking Credit $7,500
Refund Due $4,133.19
Example 2.
2023 Taxpayer Taxable Income $18,200 (Including Grossed Up dividends)
Tax Payable Nil
Add back FMG Franking Credit whatever that may be $????
Refund Due whatever the FMG Franking Credit was $????
(Effectively meaning a refund of the amount of Company Tax paid by FMG on the distributed dividend)
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