[Kmymoney] Australian Stock Dividend

[Michael CALDER]

G'day,

Regarding Franking.

Firstly your full dividend income for tax purposes is the franked 
dividend + the imputation credit.

I have these two 'specialised' accounts. SHARES - an Investment account 
and Imputation Credit - an Asset account. I also have a brokerage 
account but my dividends are not paid into this a/c.

In my INCOME I have the following Sub-Categories under the DivInc Category:
Fund Distribution
DivIncUnFranked
DivIncImpCred
DivIncFranked
CapitalReturn

When I get a franked dividend I use a split transaction with the two 
parts of DivIncFranked and DivIncImpCred and the total is 'banked 
(entered)' into which ever bank account I use for dividends. This is not 
my brokerage account as they pay no interest ;-).

I then immediately transfer the DivImpCred part out of the bank account 
into the Imputation Credit Asset account where it hangs around until the 
end of the financial year when I pay the sum total of the Imputation 
Credit account to the ATO as Category: TAXES: Imputation with a Memo: 
End of year return.

A bit messy but it works for me.

Agree with Alan on the DRP.

Cheers....

Mike

> ----------------------------------------------------------------------
>
> Message: 1
> Date: Mon, 06 Jul 2015 10:00:50 +1000
> From: Briertys <srbri at bigpond.com>
> To: kmymoney at kde.org
> Subject: [Kmymoney] Australian Stock Dividend
> Message-ID: <5599C532.5060008 at bigpond.com>
> Content-Type: text/plain; charset=utf-8; format=flowed
>
> Hi
> Can you advise how I should enter the following dividend details in KMyMoney
>
> Dividend of 99cents per share on 4150 shares = $4108.50
>
> Dividend reinvested and 122 shares allocated at $33.61 per share =
> $4100.42 with a carry over balance of $8.08 held for the next dividend
> reinvestment transaction. So will need to record the carry over cash
> balance somehow.
>
> In addition the dividend has been franked (tax paid) with a franking
> credit (tax credit) of $1760.79, which in my case will be a tax offset
> to reduce my income tax liability.
>
> I am impressed with your package and am just having difficulties with
> this one issue.
>
> Thanks
> Col Brierty
>
>
>
>
>
> ------------------------------
>
> Message: 2
> Date: Mon, 06 Jul 2015 12:02:23 +0100
> From: aga <agander93 at gmail.com>
> To: kmymoney at kde.org
> Cc: srbri at bigpond.com
> Subject: Re: [Kmymoney] Australian Stock Dividend
> Message-ID: <559A603F.5080800 at gmail.com>
> Content-Type: text/plain; charset=utf-8; format=flowed
>
>
>
> On 06/07/15 01:00, Briertys wrote:
>> Hi
>> Can you advise how I should enter the following dividend details in
>> KMyMoney
>>
>> Dividend of 99cents per share on 4150 shares = $4108.50
>>
>> Dividend reinvested and 122 shares allocated at $33.61 per share =
>> $4100.42 with a carry over balance of $8.08 held for the next dividend
>> reinvestment transaction. So will need to record the carry over cash
>> balance somehow.
>>
>> In addition the dividend has been franked (tax paid) with a franking
>> credit (tax credit) of $1760.79, which in my case will be a tax offset
>> to reduce my income tax liability.
>>
>> I am impressed with your package and am just having difficulties with
>> this one issue.
>>
>> Thanks
>> Col Brierty
>
> Hi Col
>
> I'll try to help, if only partly.  Another user may be able to chip in
> about the franking issue.
>
> I'll assume you have an investment account with a linked brokerage
> account.  The investment account will already have your quantity of
> shares as 4150, so I would just record a dividend payment with the
> amount 4108.50 going into the brokerage account.
>
> The second element is the reinvestment, but a reinvestment normally
> applies to a transaction coming to you from your investment company,
> whereas in your case, you are creating the transaction so I would record
> it as a purchase, from the brokerage account, for the amount of 4100.42,
> leaving a balance there of 8.08.  I'd use the memo fields to explain the
> detail.
>
> So far as franking is concerned, I have no experience, I'm afraid, as we
> don't have them.  However, I did a search for "gnucash franking credit"
> and it looked like that may help you.
>
> Allan
>
> Please send any response to the list.
>
>
>
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