The Australian Taxation Office has recently simplified the way charities can apply for a refund of franking credits.

You can check your eligibility on the ATO website here.

As most charities are exempt from taxation they do not need to lodge an income tax return. Many charities invest excess funds to build a capital base to sustain their charitable operations into the future.  If charities received fully franked dividends, then they are able to apply for a refund of the franking credits.

In previous years, you had to call the ATO to organise a franking credit refund application form.

The ATO has now released the application form online with instructions on how to fill out the form.

The Application Form can be accessed here.

If you would like more information about refunds for franking credits or require assistance with the refund application form, contact the team at MGI.