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RPD's avatar
RPD
Trusted Partner
5 years ago

Company Return - convert excess Imputation credits to losses

I'm stuck. I cannot see how to convert excess imputation credits received by a Company into Section 80 losses to carry forward in the 2019 tax return. I was able to do it successfully in the 2018 t...
  • RPD's avatar
    RPD
    5 years ago

    Worked it out - Solution here for others

     

    To Do:
    In the company tax return
    Click on the "Financial" Tab
    Look for Label H - Excess Franking Credits - click on it
    It opens a worksheet - insert the excess franking credits here
    then close the worksheet

    Next, open the ATO Schedule BP - Losses Schedule
    Scroll down to Part F - Tax losses reconciliation statement
    The imputation credits have now been converted to losses at Label E

    Click on Label E - The same figure should be showing near the top of
    the form as "Add Deemed loss from excess franking credits (Item 8H)

     

RPD's avatar
RPD
Trusted Partner
5 years ago

Worked it out - Solution here for others

 

To Do:
In the company tax return
Click on the "Financial" Tab
Look for Label H - Excess Franking Credits - click on it
It opens a worksheet - insert the excess franking credits here
then close the worksheet

Next, open the ATO Schedule BP - Losses Schedule
Scroll down to Part F - Tax losses reconciliation statement
The imputation credits have now been converted to losses at Label E

Click on Label E - The same figure should be showing near the top of
the form as "Add Deemed loss from excess franking credits (Item 8H)

 

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