These amounts are determined in accordance with sections 207-37 and 115-225 of the Income Tax Assessment Act 1997.
When total net income or loss of the trust less franking credits is less than franked distributions plus
net capital gains then calculate the following: (1)(2)(3) related Brackets are included in below examples:
The remaining figures in the statement of distribution are calculated as normal except for non-primary production income which will be the balance of the net income of the trust remaining to be distributed.
In the above calculations franked distributions are calculated as follows:
Franked distributions(4)
= Franked distributions from partnerships and trusts (item 8)
-Franked distribution deductions from partnerships and trusts (item 8)
-Franking credits from partnerships and trusts (item 8)
+Unfranked amount from dividends (item 12)(5)
+Franked amount from dividends (item 12)
-Deductions relating to franked distributions (item16R)
Please refer to the Related Number Brackets for further explanation:
(1) Calculated according to the Income Tax Assessment Act 1997 section 207-37, refer to the ATOs website: Income Tax Assessment Act 1997
(2) Where the total net income or loss of the trust is less than the amount of franking credits, the franking credits are reduced so that the total equals the net income.
(3) Calculated according to the Income Tax Assessment Act 1997 section 115-225, refer to the ATO website: : Income Tax Assessment Act 1997
(4) Show 0 if the amount is negative.
(5) When included on the same row as a franked amount.