Franking Credits

I receive a small franking credit from AMP each year.  Since retirement 10 yrs ago I have done nothing about it, presuming as I don't have any taxable income, and don't submit a tax return, I can't claim it.

Listening to the discussion over the last month on Shorten's plan, it seems at present you can receive a cash payment for these credits.  If so, how do you go about it?

Thanks

 

Ken D

Brisbane

8 comments

Submit your tax returns 

I'm the same Countman88, don't submit a tax return, for the same reasons.  I always assumed I would have to submit a tax return to claim it back and the small amount (in my case) just never seemed worth the bother. 

I'm not aware of any other way to claim it back, so I will be interested in the answers to this question too.

Quickest way to get a refund Leonie

guaranteed 2 weeks and it’s in your bank account 

if your income sources are limited then just submit it online using the ATO app

Wrong dumbo, you have to have an ATO online a/c to do that and by the look of it, countman88 doesn't have one.

Yes a extremely difficult to get an ATO in line account 

they hide it from pensioners 

 

Countman88..

You must have an income from somewhere..if it's  a pension and you are exempt  from paying tax  then you do not have to submit a tax return.

However.. if you are receiving franking credits..you can fill in an Application for Franking Credits and thus claim back your money.. 

You may be able to claim for the previous years also...

Relevant info from the ATO, including forms.

Instructions for shareholders with franking credits

Refund of franking credits instructions and application for individuals 2017

• You may be entitled to a refund of the full amount of franking credits received, even if you don’t normally lodge a tax return.

https://www.ato.gov.au/uploadedFiles/Content/IND/downloads/Refund-of-franking-credits-instructions-for-individuals-2017.pdf

Thank you, clever people.   I've downloaded the forms.

I'm still not sure it's worth the bother to be honest.  I'm talking about a very small portfolio and a very lazy record keeper - me.  :)   But now that I have the relevant information at my fingertips - who knows I may get motivated to do something with it.

ATO has your divindend and franking credit info anyway Leonie

they will cross check against your CHESS or SRN

Costs you nothing and all of 5 minutes to submit 

Well done Leonie, and thanks everyone for all the useful information.  

I couldn't find those forms online, so I rang the ATO.   They said they would print them out and send them, or I could access them on line.

Being a bit of a dinosaur I opted for them sending them.  One for each year since 2010.

The site to download the forms is:

www.ato.gov.au

search : Prior Years Individual Tax ReturnForms and Schedules,

at Other Forms and Schedules, go to Refund of Franking Credits for Individuals Application Form 

 

The phone number to discuss or arrange forms is 13 28 61 or 1300720092.

Good luck

 

As from last year (2017) you don't need to lodge a claim for reimbursement of your Tax Credits as you had to do in previous years.  For several years I had been doing mine online and the refund would be paid into a nominated bank account usually in 10-14 days, but around end June/early July I got an email from the ATO stating that I no longer had to complete an online Tax Return to get the refund, it was done automatically...as long as I didn't need to lodge a return due to income etc. 

In saying that, I guess the first return for Franking Credits might need to be done so they get all your info recorded....then in July 2018 they might pay it automatically, as they did in 2017 when my refund went into my account around mid July.  While it has been easy in recent years, it's just become even easier....you don't have to do a thing. 

NO affiliation with the ATO, just what has happened here.  Of course, if you have taxable income this would be different. 

;-))

While on the subject of govt refunds.....For anyone living in NSW, don't forget to apply for the part refund on your Green Slip.  Again, can be done online between 7pm and 7am, Mon to Sat and all day Sunday <service.nsw.gov.au/greensliprefund>  I did my application 2 nights ago and while the refund isn't in my account yet it will be $35. 

Claims can be lodged until 30 Sept 2018. 

;-))

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