01:49 Jun 7, 2011 |
English to Chinese translations [PRO] Social Sciences - Law: Taxation & Customs | |||||||
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| Selected response from: betterlife China Local time: 17:46 | ||||||
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Summary of answers provided | ||||
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4 | 免税/退税额和可抵扣税额 |
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免税/退税额和可抵扣税额 Explanation: Franking credits A credit in the franking account is called a franking credit (previously known as imputation credit). The amount of the credit is equal to the amount of tax paid. A franking credit arises when a corporate tax entity: makes a payment of a PAYG instalment or income tax where there is a liability to pay the amount receives a franked distribution, or incurs a liability for franking deficit tax. --------------------------------------------------------------------- Franking debits A debit in the franking account is called a franking debit. A franking debit will arise when a corporate tax entity: receives a refund of income tax makes a franked distribution under franks a distribution (that is, the corporate tax entity makes a distribution with a franking percentage that is less than the entity's benchmark franking percentage for the franking period) ceases to be a franking entity (to eliminate any franking surplus in the franking account) makes a linked distribution - where a distribution by one entity is substituted for a distribution of another issues tax-exempt bonus shares (instead of making a distribution) streams imputation benefits to members most able to benefit from them pays a distribution under the rules governing payments and loans to a shareholder (Division 7A of Part III of the Income Tax Assessment Act 1936), or buys back a share on-market. Reference: http://www.ato.gov.au/businesses/content.aspx?doc=/content/4... |
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