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Claim back those credits
Just because you don't need to lodge a tax return this year doesn't
necessarily mean you are not entitled to a refund from the ATO.
Anybody who has received dividends or distributions from equity interests,
both share and non-share, as well as managed funds, may be eligible to claim
excess imputation credits.
Dividends and distributions often have imputation credits attached which can
be used to offset a person's tax liability. However, where the credits
exceed the liability, individuals can claim a refund for the difference.
Many people overlook
the value of imputation credits, particularly when they are not otherwise required
to submit a tax return.
While there are rules governing the claiming of imputation credits, which
your adviser will explain to you, generally excess credits can be claimed following
the end of the financial year in which the distribution was made.
People should remember to alert their adviser to any equity interests they
may have, even if they are not lodging a tax return this year.
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