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Ticket #501 (new enhancement)

Opened 3 years ago

Last modified 6 months ago

Provision for franking credits

Reported by:	lancel at minister dot com	Assigned to:	sreilly
Priority:	major	Milestone:	Moneydance 2007
Component:	general	Version:	2006.stable
Keywords:	imputed credits	Cc:

Description

I've put this down as major, because it's a major feature from an Australian or New Zealand investor point-of-view - even if means zilch to everyone else. I have a vague idea this may feature in the income tax system in places other than Oz & NZ, but anyway it's been here since 1983, I think. Variously known as franking credits, tax credits, imputed credits and imputation credits. The deal is that shareholders are credited with having paid a portion of the company's tax, meaning that this can be subtracted from their tax liability at the end of the year. These credits are displayed on each dividend statement. They need to be entered in the individual's income tax return alongside the dividends.

I've managed to find a workaround for this in MD using a combination of an asset account called "Imputation", categories and sub-categories listing credits for each stock, and pairing a MiscInc? entry with a Xfr entry in the investment account register for each credit accrued. But it's pretty complex and messy. It would be nice to be able to have some way of entering it in the same transaction line as the dividend, so it becomes part of the transaction report data for each security. If that's a big ask for one small portion of the MD-user population, fair enough. But it would be very very helpful downunder :)

See http://www.ato.gov.au/content/8651.htm (but don't read it all - it'll put you to sleep!)

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