Franked dividends without franking credit in tax

[kohzzz]

Hi,

I have a client that have franked dividends but because he's not holding the shares for 45 days and his total franking credit for the year is more than $5000, i cant claim the franking credit in tax.

When i try to lodge the tax , it rejected. It mentioned that franked dividends should have franking credit amount.

Anyone have this situation before, how do you fix this problem?

[Sandy_C]

Hi @kohzzz 

Unfortunately, as the error says, the Franking Credit amount cannot be greater than 48% of the franked amount in the dividends schedule. Therefore, you may need to report it elsewhere in the return. It is likely that it needs to go in the Other Attachment schedule, however we would recommend that you contact the ATO to find out where you can enter the amount. We would advise that you ask them about where the additional franking credits should go instead.

Regards,

Sandy
Client Support Representative