The Holistic Accountant
A holistic accountant goes beyond tax returns, aiming to offer proactive advice to maximise clients' wealth after all taxes. Stuart Wemyss and Mena Abraham explore multifaceted considerations weekly, highlighting the need for a holistic approach. Each episode is succinct and to the point with no fluff or sales pitches. For further details, check out www.prosolution.com.au.
The Holistic Accountant
How do franking credits work?
This week, Mena and I discuss how franking credits (aka imputation credits) work and how integral they are when it comes to tax planning including:
· Their aim is to avoids double taxation.
· Provides you with a tax offset so it’s important to keep track of your Company’s franking account.
· Sometimes paying tax sooner, so you can pay a franked dividend can reduce your overall tax.
· Distribution/dividend strategy - streaming franking credits to beneficiaries or shareholders with low taxable income and to receive a tax refund.
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IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.
