Tax with Max: The ATO and dividend washing

The ATO’s crackdown on dividend washing, the government deposit guarantee, and more.

Summary: Individuals who have engaged in so-called dividend washing, on the advice of an accountant or other advisor, should seek professional advice on the potential impact of the Tax Office’s recent determination banning this practice.

Key take-out: The ATO change applies to transactions that occurred before July 1, 2013. The ATO ruling only will apply to investors who have franking credit tax offset entitlements in excess of $5000 across their portfolio.

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