Group Franked Investment Income

Article ID

ias-11889

Article Name

Created Date

21st April 2015

Product

IRIS Business Tax

Problem

Is it possible to prevent dividends from group companies being included within in the Franked Investment Income (FII)?

Resolution

Dividends received from group companies should not usually be included within FII On Version 1 Charts (IRIS) 1. Go into Set up | Business Tax Accounts | Business and remove the account from the FII group. 2. Make a disallowed income posting for the amount as it will no longer be automatically deducted from the Sch DI since it has been removed from the set up. On Version 2 Charts (ELTD) Make sure the FII is posted to the correct account. Account 109 should be used for group FII.

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