How do I record Australian franking credits from New Zealand companies from Distribution income received from Managed Funds or Unit Trust?
Process a distribution tax statement event to breakdown the distribution cash amounts received or accrued during the financial year into various components (Australian Income, Foreign Income, Capital Gain or Non-Assessable Income).
To record the Australian franking credits from NZ companies
Navigate to Fund Level > Transactions > Fund Income > Foreign Income
- Record the claimable amount of Australian franking credits from NZ companies in the assigned field
- Leave the gross payment and foreign tax credits as nil.
This is a tax only event, it does not require to be matched off against any cash or business event.