Australia: Consultation on new legislation concerning franking credits
Consultation paper and guidance related to new legislation concerning franking credits for distributions funded by capital raisings
Consultation on new legislation concerning franking credits
The Australian Taxation Office (ATO) released a consultation paper on priority areas for future ATO public advice and guidance related to the new legislation concerning franking credits for distributions funded by capital raisings.
The Treasury Laws Amendment (2023 Measures No. 1) Bill 2023 passed parliament on 16 November 2023 (read TaxNewsFlash), and received Royal Assent on 27 November 2023.
The ATO is seeking feedback on whether ATO public advice and guidance is needed to help entities understand whether the new law applies to their circumstances.
Submissions are due by 16 February 2024.
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