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Franking credit cannot be greater than 48% of dividends franked amount

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Newbie

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Good afternoon,

I am trying to complete my tax return online and I have dividends to show from RAIZ previously known as Acorns. I have entered it into the fields as shown by the Statement from "Acorns Grow AU" however I go to click on "Save" within myTax and I get the following error "Franking credit cannot be greater than 48% of dividends franked amount". I'm on the understanding that RAIZ comes under Managed Funds. Am I entering it into the wrong fields or is it due to the amounts being under $1.00. The fields that the statement reflect are that under the Dividends (11S, 11T and 11U). Your assistance is greatly appreciated.

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Most helpful response

Former Community Support

Replies 0

Hi @Ambo80 - the highest marginal tax rate you can pay in Australia is 48%. If you've paid more than this in tax on your investments, contact the company that provided your statement to confirm their information is correct.

 

We'd need more information about your investments to work out where you'd report your income in your return. Check out the section on managed funds in our myTax 2018 instructions manual, or request a live chat in myTax to talk to one of our operators and discuss personal information securely.

 

Thanks.

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hi @Ambo80 - the highest marginal tax rate you can pay in Australia is 48%. If you've paid more than this in tax on your investments, contact the company that provided your statement to confirm their information is correct.

 

We'd need more information about your investments to work out where you'd report your income in your return. Check out the section on managed funds in our myTax 2018 instructions manual, or request a live chat in myTax to talk to one of our operators and discuss personal information securely.

 

Thanks.