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Group Franked Investment Income

Article ID
ias-11889
Article Name
Group Franked Investment Income
Created Date
21st April 2015
Product
IRIS Business Tax
Problem
Is it possible to prevent dividends from group companies being included within in the Franked Investment Income (FII)?
Resolution
Dividends received from group companies should not usually be included within FII On Version 1 Charts (IRIS) 1. Go into Set up | Business Tax Accounts | Business and remove the account from the FII group. 2. Make a disallowed income posting for the amount as it will no longer be automatically deducted from the Sch DI since it has been removed from the set up. On Version 2 Charts (ELTD) Make sure the FII is posted to the correct account. Account 109 should be used for group FII.

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