Franking Account

Cells of this colour will auto-calculate

Client:
Prepared By:
Reviewed By:
For Year Ended [insert day, month and year]:

YEAR ENDED 30 JUNE [INSERT YEAR]

Date Franking Details

1/7/XX Opening Balance (enter balance in cell I-12)

30/06/xx Closing Balance

30/06/xx Amount Of Dividend Available To Be Paid (If Enough Retained Earnings)

* The maximum franking credit that can be attached to a frankable dividend by a company whi
June 2020 must be calculated applying the relevant corporate tax rate for imputation purposes
year ended 30 June 2020 if it's aggregated turnover is less than $50 million and no more than
consists of base rate passive entity income for the 2020 year. However, a company will calc
assuming that it's aggregated turnover for the income year is equal to the aggregated turnover
rate entity passive income for the income year is equal to the base rate entity passive inco
assessable income for the income year is equal to its assessable incom

** The franking credit for the company which is a base rate entity in the above circumstances f
by multiplying the dividend by a ratio of 27.5/72.5
*** A franking debit will arise in a company's franking account when it elects to receive a loss ca
Such a refund will arise where a tax loss is carried back for either the year ended 30 June 202
applied against taxable income for the year ended 30 June 2019 and/or 30 June 2020. Howev
lodgment of the company's income tax return for the year ended 30
Workpaper No:
Date:
Date

Amount (DR)*** Amount (CR) Balance

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
 $0
$0
$0
$0
$0
$0

$0

h Retained Earnings) $0

le dividend by a company which is a base rate entity for the year ended 30
x rate for imputation purposes. A company will be a base rate entity for the
n $50 million and no more than 80% of the company's assessable income
However, a company will calculate it's corporate tax rate for imputation
ual to the aggregated turnover in the immediately preceding year; it's base
e base rate entity passive income for the previous income year; and its
s equal to its assessable income for the prior year.

y in the above circumstances for the year ended 30 June 2020 is calculated
dividend by a ratio of 27.5/72.5
en it elects to receive a loss carry back tax offset and receives a tax refund.
her the year ended 30 June 2020 and/or the year ended 30 June 2021 and
9 and/or 30 June 2020. However, such an offset will also only arise upon
ax return for the year ended 30 June 2021.
CPA Australia and the authors have used reasonable care and skill in
compiling the content of this material. However, CPA Australia and the authors
make no warranty as to the accuracy or completeness of any information in
these materials. This material is intended to be a general guide only. All
practitioners, readers, viewers and users are advised to undertake their own
research or to seek professional advice to keep abreast of any reforms and
developments in the law. To the extent permitted by applicable law, CPA
Australia, its employees, agents and consultants exclude all liability for any
loss or damage claims and expenses including but not limited to legal costs,
indirect special or consequential loss or damage (including but not limited to,
negligence) arising out of the information in the materials.
 ll in
d the authors
rmation in
nly. All
e their own
orms and
w, CPA
ty for any
egal costs,
t limited to,