Franking Credits

PeterO petero at fotodomain.com
Thu Dec 26 05:40:31 EST 2013


Peter,

This is perfectly true in case of an individual. However SMSF fund in
pension mode does not pay tax on the fund income, so all franking credits
are paid back by ATO. I am recording them as income of course, but was
looking for a place in the chart of accounts to "park" them until the refund
cheque arrives. (Unlike dividends, I can't enter them in the bank account
because I don't have the money yet). 
So I have created an account for it under 
Assets:Investments:Broker:Shares:Franking Credits Accumulated. 
That would be "paired" with bank deposit in due time.
I tried to enter them under Expenses:Tax Paid as suggested earlier in this
thread, but that screws up Advanced Portfolio report. Looks like a bug, so I
needed to find an alternative.



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