Accounting for Shares on Australian Exchange.

[Doug Laidlaw]

It is good to have another Aussie here.

Thanks for putting me right on the franking system.  The only point I was 
making was how to deal with the franking credit.  Quicken has a large sum 
which I assume is the value of the portfolio, but dividends REDUCE the 
amount.  They are an income event, and shouldn't be posted to the asset at 
all.  Quicken does however handle franking credits very well.

Something is wrong at the moment.  The Account type is set to Asset, so that 
must be the reason, according to your P.S.

Doug.
On Thursday 11 January 2007 12:56, Graeme Nichols wrote:
> That is not strictly true. Double taxation on Australian shares has long
> been done away with. The company pays company tax on it's profits and
> what is left over is paid to shareholders. That dividend has already
> been taxed so no taxation is withheld from the dividend. If your
> personal tax rate is below the company tax rate, currently 30%, you
> receive a tax rebate for the difference or if your rate is above the
> company rate you pay the difference. All you need to do is treat the
> dividend as income in gnucash. Guncash doesn't have the ability to
> handle all the 'unfranked amount', 'franked' amount' and the
> 'imputation' (franking credit) amount.

-- 
It is a miracle that curiosity survives formal education.
   - Albert Einstein