What do you do with imputation credits in imputation credit account after tax return?

Dean Dadhaniya
Dean Dadhaniya Member Posts: 4 Novice Member Novice Member
edited August 2020 in Reckon Accounts (Desktop)
I have $291 registered in Imputation credit account automatically by Reckon Accounts Home and Business 2017.

What do you do with that credit after tax return? Am I supposed to register tax return with $xxx amount from ATO and $291 transferred out of that imputation credit account so that that credit account becomes 0 at the end of financial year.

I mean that imputation credit account can just keep growing. It has be dealt with at tax return time.

Comments

  • Dean Dadhaniya
    Dean Dadhaniya Member Posts: 4 Novice Member Novice Member
    edited July 2017
    Thank you Leif that worked. :)
  • Edward Finch
    Edward Finch Member Posts: 1 Novice Member Novice Member
    edited October 2018
    I tried this while it reduced the imputation accumulated it added the amount to the shares account so that does not help at all as the bank account balance is increased with the deposit of the refund. So effectively the overall total is inflated.
  • shane.scott11
    shane.scott11 Member Posts: 4 Novice Member Novice Member
    edited August 2020
    what if you owe the tax office money, how do you clear your imputation credits