How do I know if I have franking credits?

To determine if you have franking credits in Australia, you can follow these steps:

  1. Review your dividend statements: If you have invested in shares or managed funds that pay dividends, review your dividend statements or distribution statements. These statements will provide information about any franking credits attached to the dividends you have received.
  2. Check your tax return: If you have lodged a tax return in Australia, review your tax return documents. The Tax Return includes information about any franking credits you may have received. Look for the section related to franking credits or dividend income.
  3. Access your myGov account: If you have linked your Australian Taxation Office (ATO) account to your myGov account, you can access your tax information online. Log in to your myGov account, navigate to the ATO section, and review your tax records to see if you have received any franking credits.
  4. Contact your investment provider: If you are unsure about whether you have received franking credits, contact your investment provider or the company in which you hold shares. They can provide you with information about any franking credits attached to the dividends you have received.
  5. Seek professional advice: If you are still uncertain or have complex tax situations, it is recommended to consult a tax professional or an accountant. They can assist you in reviewing your financial records, tax returns, and provide personalized advice regarding franking credits.

Remember that franking credits are tax credits associated with dividends paid by Australian companies, representing the tax already paid at the company level. It’s important to understand how franking credits impact your tax liabilities and seek appropriate advice to ensure you are correctly accounting for them in your tax returns.