Simplified Imputation

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1 July SA Bi-Monthly Simplified Imputation Helen Waldie Edwards Marshall Helen Waldie 2008 Disclaimer: The material in this presentation is published on the basis that the opinions expressed are not to be regarded as the official opinions of the Taxation Institute of Australia. The material should not be used or treated as professional advice and readers should rely on their own enquiries in making any decisions concerning their own interests. Simplified Imputation Part A Foundations of the imputation system PART A Foundations of the Imputation System PART B Franking distributions PART C Receiving franked distributions 1. The imputation system & franking accounts 2. Franking deficit tax 3. Franking deficit tax offset A1.The imputation system & franking accounts A1.The imputation system & franking accounts How does the imputation system work? What is the imputation system? A system that allows corporate tax entities to pass on to their members, a credit for income tax paid on profits, when distributing those profits Answer > Why do we have imputation? It prevents double taxation John Smith Investments Pty Ltd (Taxed at 30%) John Smith 100% owner (Taxed at 46.5%) Profit before tax Tax at 30% Net profit after tax Dividend Franking credit Taxable income Tax at 46.5% Tax payable Net distribution to shareholder Without 100,000 (30,000) 70,000 70,000 70,000 (32,550) (32,550) 37,450 With 100,000 (30,000) 70,000 70,000 30, ,000 (46,500) 30,000 (16,500) 53,500 Total tax paid Effective tax rate $62, % 46, % 1

2 A1. The imputation system & franking accounts What is a franking account? Imputation system definition: A system that allows corporate tax entities which pay tax to pass on to their members, a credit for income tax paid on profits, when distributing those profits A company franking account is used to keep track of: The amount of tax a corporate tax entity has paid The credits it can pass on to its members A1.The imputation system & franking accounts What is a franking account? 1. Entries are dated on a cash basis 2. The currency of the franking account is the tax paid Previous system: Expressed on a notion of qualified dividend 3. The franking account operates as a rolling balance Previous system: Surplus balances were carried forward via a credit entry on the first day of the following year. Deficit balances were not carried forward. A1.The imputation system & franking accounts Franking account entries Examples of franking credits: 1. Payment of PAYG instalment or income tax liability 2. Receives a franked distribution 3. Pays franking deficit tax Examples of franking debits Receives a refund of tax Makes a franked distribution Under franks a distribution Debits as a result of breaching integrity provisions A2. Franking deficit tax (FDT) If an entity s franking account is in debit balance at the end of its income year > It is liable to pay FDT Payment of FDT must be made within one month of the end of the entity s income year FDT is not penalty and can generally be used to offset future tax liabilities (FDT offset) A2. Franking deficit tax (FDT) A2. Franking deficit tax (FDT) Deferring franking deficit tax Example of liability to pay FDT: Date Transaction Debit Credit Balance any refund of tax received within 3 months of the end of the income year is taken into account in determining FDT liability. 01/04/08 28/04/08 Balance as at 1 April 2008 March 2008 PAYG instalment 40,000 15,000 55,000 This rule exists to prevent entity s from deferring FDT by over paying tax in anticipation of the refund 30/06/08 Dividend paid $140,000 franked 60,000 (5,000) 31/07/08 Franking deficit tax 5,

3 A2. Franking deficit tax (FDT) Deferring franking deficit tax Date Transaction Debit Credit Balance The full FDT liability can be used to offset future tax liabilities (FDT offset) in the following circumstances: 01/06/08 Balance as at 1 June ,000 1.Entity meets residency requirements (6 month rule) 15/06/08 30/06/08 31/07/08 Dividend paid $210,000 franked June 2008 PAYG instalment Refund of lodgement of tax return 90,000 50,000 90,000 (80,000) 10,000 (40,000) 2.One of the following events has occurred: a) Incurred liability to pay FDT in that year, or b) Incurred liability to pay FDT in a previous year, and 3. The FDT offset (penalty) reduction rule does not apply Example of liability to pay FDT: Lodgement of 2008 tax return in August 2008: Date 01/04/08 28/04/08 30/06/08 Transaction Balance as at 1 April 2008 March 2008 PAYG instalment Dividend paid $140,000 franked Debit 60,000 Credit 40,000 Balance 15,000 55,000 (5,000) Taxable income $160,000 Tax 30% $48,000 March 08 PAYG (40,000) FDT (5,000) Balance payable 3,000 31/07/08 Franking deficit tax 5,000 0 FDT offset carried forward Example of liability to pay FDT: FDT offset is not refundable Date 01/04/08 28/04/08 30/06/08 31/07/08 15/08/08 Transaction Balance as at 1 April 2008 March 2008 PAYG instalment Dividend paid $140,000 franked Franking deficit tax Balance payable on lodgement of tax return Debit 60,000 Credit 40,000 5,000 3,000 Balance 15,000 55,000 (5,000) 0 3,000 Lodgement of 2008 tax return: Taxable income $140,000 Tax 30% $42,000 March 08 PAYG (40,000) FDT (5,000) FDT to be carried forward 2,000 3

4 Deter corporate tax entities from passing on excessive amounts of franking credits for which they have not paid tax Applicable when: Deficit balance in the franking account, to the extent it is attributable to certain debit transactions, exceeds the franking credits during the income year by 10%. > The amount of FDT that can be offset against future income tax liabilities is reduced Certain debit transactions are The following items numbers at s ITAA97 Item Number Item 1 Item 3 Item 5 Item 6 Transaction Debits arising from the franking of a distribution Debits arising from the franking a distribution in contravention of the benchmark rule Franking debits that arise when a distribution by one entity is substituted for a distribution by another entity Franking debits arising when a tax exempt bonus share is issued in substitution for a franked distribution Step 1. Was there an FDT liability? Step 2. Did any relevant debit transactions occur? $= Amount of deficit balance Items 1, 3, 5, 6 s ITAA97 Step 4. Does the amount at step 3 exceed total credits transactions by more than 10%? Result of Step 3 10 % of total franking credits Step 3. What amount of the FDT is attributable to the relevant debit transactions, plus any tax refunds? Step 4. = Opening balance Add: Franking credits Less: Step 2 items Less: Tax refunds Zero or Positive Reduction does not apply Negative and < 10% of total franking credits Negative and > 10% of total franking credits FDT reduction rule applies STEP 5 Calculating the amount that can be offset Amount of FDT liability (Step 1) Subtract 30% of the amount calculated at Step 3 Result is the amount that can be offset against future income tax liabilities Calculating the application of the FDT offset reduction rule EXAMPLE Franking account deficit balance of $80,000. Liable to $80,000 FDT Opening balance of the franking account was $10,000 surplus Only franking credits were $500,000 in PAYG instalments The following franking debits occurred: $510,000 of franking credits on distributions (item 1) $60,000 on a tax refund (item 2) 4

5 Step 1. Was there an FDT liability? $= Amount of deficit $80,000 balance Step 4. Does the amount at step 3 exceed total credits transactions by more than 10%? Step 2. Did any relevant debit transactions occur? Step 3. What amount of the FDT is attributable to the relevant debit transactions, plus any tax refunds? Items 1, 3, 5, 6 s $510,000 ITAA97 = Opening =$10,000 balance Add: + Franking $500,000credits Less: -$510,000 Step 2 items Less: -$60,000 Tax refunds Zero or Positive Reduction does not apply Result ($60,000) of Step 3 Negative and < 10% of total franking credits % of 500,000 total franking = 50,000 credits Negative and > 10% of total franking credits FDT reduction rule applies Step 4. ($60,000) STEP 5 Calculating the amount that can be offset Exclusion for private companies to the FDT offset reduction rule Exclusion applies for new companies Amount of FDT liability (Step 1) Subtract 30% of the amount calculated at Step 3 Result is the amount that can be offset against future income tax liabilities $80,000 30% of 60,000 = (18,000) 80,000 18,000 = 62,000 Conditions: 1. Private company 2. No income tax liability in a previous year 3. The income tax liability for the year is at least 90% of the amount of the franking account deficit $ 18,000 is a penalty Foundations of the imputation system Key points Part B. Franking distributions The purpose of the system is to pass on credits for tax already paid Franking accounts must be maintained by all corporate tax entities Franking account balance should be considered when paying dividends Deadline for paying FDT 1. Components of a franked distribution - Required conditions - Maximum franking credit 2. Benchmarking rule - Over-franking tax - Under-franking tax 3. Integrity provisions 5

6 B1. Components of a franked distribution B1. Components of a franked distribution Unfrankable distributions Conditions for a distribution to be franked: 1. Entity is a franking entity and satisfies residency requirements 2. Distribution is a frankable distribution 3. Entity allocates franking credits to the distribution E.g. Dividend Distribution by corporate limited partnership Unit Trust dividend As specified by legislation E.g. 1. Distributions made in respect of shares which are treated as debt instruments (e.g. certain preference shares) 2. Distributions funded from certain capital reserves (as opposed to retained profits) B1. Components of a franked distribution Allocation of franking credits B1. Components of a franked distribution Allocation of franking credits Entities determine how and to what extent to allocate franking credits to the distribution Former imputation system: > Complex rules including a declaration Simplified imputation system > No formal tax requirements Maximum franking percentage Calculated as follows: Amount of x company tax rate frankable distribution 100% - company tax rate Amount of x 30% Frankable distribution 70% The franking period Franking percentage Different franking period rules depending on whether: Type of company Private entity Franking period 12 month period same as its income year for tax purposes Measure of the extent that a frankable distribution has been franked E.g. Frankable distribution of $7,000 Franking credits attached to distribution are $1,500 Non-private entity Two 6 month franking periods within its income year Maximum franking credit = $7,000 x 30%/70% = $3,000 Franking percentage = $1,500 / $3,000 x 100% = 50% 6

7 Purpose Setting of the benchmark percentage Purpose: Ensure the benefit of franking credits is spread evenly across members in proportion to their ownership Example: Private company Franking period July June Makes a distribution franked to 60% in 1 July 08 > Any franked distributions made before 30 June 2009 must be franked to 60% Franking percentage allocated to the first franking distribution Exemptions under certain conditions Consequences of breaching: Members can still claim franking credits Penalty will be bourn by the corporate tax entity Calculation of penalty Over-franking tax - example The penalty is calculated with reference to the difference between a) Actual franking percentage b) Benchmarking percentage Benchmark franking percentage 80% Makes a fully franked distribution of $700 Franking credits attached to this distribution $300 Breach Actual franking percentage >Benchmarking percentage Benchmarking percentage > Actual franking percentage Penalty Over-franking tax Under-franking debit A B C Franking differential 100% - 80% Amount of frankable distribution Company tax rate (100%-company tax rate) A x B x C = $60 20% $700 30% 70% Under-franking tax - example Benchmark franking percentage for the period 100% Frankable distribution of $500 franked at 50% Franking credits attached of $107 The imputation system should not benefit members who do not have a sufficient economic interest in the entity The imputation system is not be used to give preference to some members over others A B C Franking differential 100% - 50% Amount of frankable distribution Company tax rate (100%company tax rate) A x B x C = $107 50% $500 30% 70% 1. Linked distributions 2. Tax exempt bonus shares 3. Disclosure rule (re benchmarking percentage) 4. Distribution streaming 5. Franking credit trading. 7

8 B3. Integrity Provisions Residency requirements Linked distributions Residency requirement Individuals and corporate tax entities must be residents at the time of the distribution to be eligible for a franking offset Non-residents Franked distributions exempt from withholding tax to the extent they are franked Unfranked dividends are generally subject to withholding tax of 15% Rule designed to prevent the manipulation benchmark franking percentages within a related group. Penalty > franking debit to franking account Linked Distributions example Linked Distributions example Company A Choice: 50% First Co Company B 50% Benchmark franking 100% 1) fully franked distribution of $100,000 from First Co; or 2) unfranked distribution of $120,000 from Second Co 100% Company C Second Co 100% Company D 50% 50% Benchmark franking 0% Non resident Company A Non- resident $120,000 unfranked distribution from Second Co (through Company C) > yield $102,000 after deducting 15% dividend withholding tax Company B Resident $100,000 fully franked distribution from First Co > receive the attached franking credit of $42,857 Substitution of tax exempt bonus shares Disclosure rule Bonus shares are issued in substitution (in whole or in part) for one or more franked distributions by the entity. > a debit penalty entry is made to the franking account on the date of issue 1. Variations in an entity s benchmark franking percentage may indicate streaming 2. Entities must disclose any significant variation in benchmark percentages to the commissioner (via lodgement of franking account return) 3. Significant variation = 20% per franking period since the last franked distribution was made 8

9 Distribution streaming Franking credit trading Exempting entity COMPANY Exempting entity rule Corporate tax entity that is 95% or more effectively owned by non residents or tax exempt bodies INDIVIDUAL Ordinary shares FAMILY TRUST A Class shares (discretionary dividend) Issues arises when entities ownership structure changes and is no longer an exempting entity Rules in place to ensure the franking credits are not the target of franking credit trading > the quarantining of franking credits relating to when the entity was a exempting entity. Franking credit trading Qualified person Franking credit trading Qualified person YES Related Payment made? NO Preference shares 90 days instead of 45 days Must have held shares for at least 45 days during the secondary qualification period? Date of purchase Must have held shares for at least 45 days during the primary qualification period? Small shareholders exemption for natural persons whose tax offset entitlement does not exceed $5,000 for the income year. Trusts - satisfy $5,000 threshold or make a Family Trust Election 45 days 45 days Ex-dividend date Requirement to lodge franking account return Part C Receiving franked distributions A franking account return must be completed for all corporate tax entities that have: A liability to pay franking deficit tax and/or A liability to pay over-franking tax and/or An obligation to disclose information to the Commissioner of Taxation in relation to any significant variations in its benchmark franking percentage 1. Receipt of franked distributions by - Partnerships -Trusts - Corporate tax entities 2. Trans-Tasman Imputation 3. Consolidation 9

10 C1. Receiving of franked distribution Partnership C1. Receiving of franked distribution Trusts Partnership Net income or loss includes dividend and franking credit Individual partners include in their taxable income Partnership loss Trust includes dividend and franking credit in taxable income Beneficiaries include their portion of the dividend and their subsequent portion of the franking credit Entitled to tax offset When no beneficiary presently entitled Trust losses > the franking credit is lost C1. Receiving of franked distribution Corporate tax entities C1. Receiving of franked distribution Corporate tax entities Previous system Inter-corporate dividend rebate was previously available to company s in receipt of franked dividends Simplified Imputation system: Companies now use the gross up and credit approach Not entitled to a refund of excess franking credits (converted to carried forward loss) Income tax exempt and deductible gift recipients can apply for a refund of franking credits Two key changes at 1 July 2002: 1. Corporate tax entities can now convert excess franking offsets to tax losses 2. Corporate tax entities can choose whether or not they wish to deduct prior year losses Losses are not wasted Limits of deducting prior year losses C2. Trans-Tasman Imputation C3. Franking and Consolidation Effective 1 April 2003 / 1 October 2003 Allows NZ companies to maintain Australian franking account and vice versa NZ companies can attach Australian franking credits to dividends NZ imputation credits attached to dividends received by Australian resident shareholders not recognised Similar provisions for Australia companies paying NZ tax Head company operates a single franking account Balances transferred on consolidation Intra-group dividends, generally, not required to be franked 10

11 Simplified Imputation Purpose of the imputation system Pass on credits, Franking accounts Franking deficit tax for tax already paid, to members. Reduction rule Integrity Provisions Over/Under franking 11

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