This shows a trust return with the frank dividend received  and with a “difference” at the bottom which represents the franking credit.

The return validated with no error and I wondered if in fact the validation was incorrect with the “difference” still being there.

Do we need to include the difference, being the imputation credit, in the section “dividends received on accounts”.

It seems to distribute the credit correctly.


The validation is in respect of the tax form and does not take into account any reconciling facts. The reconciling facts are there to show any differences between accounting income and tax income.

Dividend franking credits are not usually reflected in accounting income so I think it's reasonable to expect a difference between tax and accounting income.