Illustration: If your trust entity received Franking Credits in prior years but was unable to claim them due to tax losses (resulting in unclaimed franking credits), you may need to record those prior year franking credits correctly when preparing the trust tax return.
Answer: Amend the previous if you want to apply the franking, but you couldn't apply it to current year.
If prior year franking credits were not distributed, they cannot be included in the current year tax return. The amount of Australian franking credits from a New Zealand franking company that is included in the net income of the trust must be based on the franked dividends received from a New Zealand franking company directly or indirectly through a partnership or other trust during the current income year.
The amount shown at label D is not necessarily the total amount that the trustee or beneficiaries can claim. For more information, you can refer to Appendix 1.