Just a little trivia that maybe news to some.If u run or have run a private company and over many years have made profits and paid the company tax but did not draw the entire profits which is not unusual u will b building up or have built up a private co franking credit balance. For example if u sell that business u can draw on those FC's over many years to reduce yr income tax. Just thought some might find this interesting ie FC's involve private co's just like asx co's. lol so if u have sold a profitable business u may have a franking credit balance which can also assist with smsf tax.. ps i'm absolutely not an accountant just thought it maybe worth mentioning if for any reason some may not have taken advantage of such a private cp FC balance. ps so won't even start if labors policy cancelled these private co franking credit balances.
