ATO simplifies refund of franking credits for charities

The Australian Taxation Office has recently simplified the way charities can apply for a refund of franking credits.

Most charities are exempt from taxation so do not need to lodge an income tax return. Many charities invest excess funds to build a capital base to sustain their charitable operations into the future.  If charities received fully franked dividends, then they are able to apply for a refund of the franking credits.

In previous years, in most cases, a charity was required to call the ATO each year to mail out the relevant franking credit refund application form.

The ATO has now released the application form online. The form still needs to be manually completed and posted to the ATO, but the form can now be accessed on the ATO website here along with instructions on how to fill out the form.

If you would like more information around refunds for franking credits or require assistance with the refund application form, contact your usual Mazars adviser or one of our specialists via the form below.

Brisbane – Jamie Towers

Melbourne – Evan Beissel

Sydney – Gaibrielle Cleary

+61 7 3218 3900

+61 3 9252 0800

+61 2 9922 1166

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Published: 10/05/2022

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