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12RU-005 Dividends - A happier ending for June 2012

12RU-005 Dividends - A happier ending for June 20...

This Reporting Update discusses the implications of the recently released tax ruling TR 2012/5 Income tax: section 254T of the Corporations Act 2001 and the assessment and franking of dividends paid from 28 June 2010. The ruling clarifies some of the confusion around the ability to pay a franked dividend following the 2010 amendments to the Corporations Act.

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Key points

  • Where a company has prior year accumulated losses can franked dividends be paid, in circumstances where there are current year profits?
  • Can franked dividends be paid, in circumstances where there are unrealised capital profits?
  • Requirement for all proprietary limited companies to have records applying all recognition and measurement of AASBs.

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