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

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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.
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Dean Dadhaniya

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Posted 1 year ago

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VikingOz

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When you get your tax assessment it will show the imputation refunded. Put this amount into the imputation account against the credits accumulated throughout the year. It should in theory balance the account. Hope this works for you.
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Dean Dadhaniya

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Thank you Leif that worked. :)
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Edward Finch

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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.