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pilot plan for auto refund of franking credits

This post is archived and may not be up-to-date.

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Newbie

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HAVE RECEIVED AN AUTO REFUND BUT ALSO RECEIVED AFTER THAT REFUND A NOTICE OF A TRUST DISTRIBUTION WITH FRANKING CREDITS ATTACHED. WILL THE ATO  REFUND THE EXTRA CREDITS AT A LATER DATE ?

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Best answer

ATO Certified

Community Support

Replies 0

Hi @KGB,

 

Welcome to our Community!

 

Thanks for letting us know you've received the email regarding the automated refund or your franking credits - that information helps us work out more about your situation.

 

Because you've been selected to be a part of this special pilot you won't need to take any action or let us know you've received another trust distribution notice. Once we've received notification from the trust we'll automatically issue the refund.

 

If you haven't received anything in the next couple of weeks, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday and select option 5 then 4 so we can investigate further.

 

Hope this helps.

8 REPLIES 8
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Superuser Registered Tax Practitioner

Replies 7

HI KGB

 

I you received the trust distribution on or after 1/7/2017, it needs to be included in your tax return next year (2017-2018 year).

 

One Stop tax
Tax Return and Taxback Specialist
www.onestoptax.com.au

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Newbie

Replies 6

Hi Onestoptax

I am a retired tax agent.

The trust distribution notice was received on

31/08/2017 for Year Ended 30/06/2017.

 

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Superuser Registered Tax Practitioner

Replies 5

Hi KGB

 

If the notice is for year ended 30/06/2017 means the distribution was made/deemed paid before 1/7/2017. Therefore, you have already lodged your 2017 tax return you need to lodge an amendment to include it in.

 

One Stop Tax
Tax Return and Taxb Back Specialist

www.onestoptax.com.au

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Newbie

Replies 4

Obviously you have not heard of this pilot plan. The ATO is refunding Franking Credits to selected taxpayers on an automatic basis. the info from financial institutions is paid direct to the taxpayer without any paperwork lodged. In this case the info has not been provided to the ATO by the time the credits are paid. Does the ATO send a further payment? Does the ATO reply in this forum? How to you find out this info( by ringing the ATO!!!!!!!!)

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Superuser Registered Tax Practitioner

Replies 3

HI KGB,

 

Only a selection of self-preparers have been included in this pilot plan. The ATO has sent Letters or emails in mid-June to those people identified for the pilot of an automated refund. If you haven't received any letter or email, as you haven't hinted, means you are not included. In Addition people who use the services of a tax agent are not included in the pilot. In above, you've mentioned that you are a registered tax agent. Did you submit the original tax return using your own tax agent number?

 

One Stop Tax
Tax Return and Taxb Back Specialist

www.onestoptax.com.au

 

 

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Newbie

Replies 2

Hi onestoptax

I mentioned that I am a "retired tax agent" not a registered tax agent.

In my original post I advised that the auto refund had been received. The ATO has not received notification of a subsequent trust distribution(with F. Credits attached) hence the question does the ATO amend the auto refund to take into account the extra credits.

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Superuser Registered Tax Practitioner

Replies 0

Sorry, my bad. I read your original message 'ATO REUND'. In this case they should, but I don't know how often share registries have to report to the ATO and if the ATO has already got the new distribution details. The quickest way to find out is by calling the ATO. @JodieH can you please advise.

 

One Stop Tax
Tax Return and Taxb Back Specialist

www.onestoptax.com.au

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Best answer

ATO Certified

Community Support

Replies 0

Hi @KGB,

 

Welcome to our Community!

 

Thanks for letting us know you've received the email regarding the automated refund or your franking credits - that information helps us work out more about your situation.

 

Because you've been selected to be a part of this special pilot you won't need to take any action or let us know you've received another trust distribution notice. Once we've received notification from the trust we'll automatically issue the refund.

 

If you haven't received anything in the next couple of weeks, you can phone us on 13 28 61 between 8am - 6pm, Monday to Friday and select option 5 then 4 so we can investigate further.

 

Hope this helps.