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

Dean Dadhaniya
Member Posts: 4 Novice Member

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.
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.
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Comments
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Thank you Leif that worked.0
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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.0
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what if you owe the tax office money, how do you clear your imputation credits0