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Application for Refund of Franking Credits for Individuals Form

Application for Refund of Franking Credits for Individuals Form

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I'm Sebastian St James. In a previous video, one  of my viewers asked, "An idea for a future video,   Sebastian. What is franking?" So what are franking  credits and how can you get money back from the   government in your tax return? Imagine that you  work for The Man Proprietary Limited. The full   company tax rate is thirty percent. The Man earned  a hundred million dollars. Is taxed at a rate of   thirty percent, leaving them with seventy million  dollars. They pay you a hundred thousand dollars   minus income tax - which is not really a part of  this discussion at all - leaving them with 69.1   million dollars. Except that is not how it works.  Taxes are paid on profits. Your wage is an expense   to the business, and therefore your wage comes  out first. So The Man earned 100 million dollars.   They paid you 100k. So that comes first. Leaving  them with 99.9 million dollars. On that, they are   taxed 30%, leaving them with 69.93 million. A new  law gets

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