In Australia, when calculating the total tax liability of an individual resident what happens with...
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Accounting
In Australia, when calculating the total tax liability of an individual resident what happens with dividends earned from an investment and franked credits
Example: An individual made $10,000 from dividends and $3,000 of those were franked credits.
Question: using this formula income tax = (taxable income x tax rate) - tax offsets. Would I add the 10,000 to the taxable income and then add the 3,000 franked credits to the tax offsets. If not how and where would I input the numbers into he formula?
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