Imputation Credits (AASB1054_05-11_COMPmar20_07-21)

The term ‘imputation credits’ is used in paragraphs 13-15 to also mean ‘franking credits’. The disclosures required by paragraphs 13 and 15 shall be made separately in respect of any New Zealand imputation credits and any Australian imputation credits.

An entity shall disclose the amount of imputation credits available for use in subsequent reporting periods.

For the purposes of determining the amount required to be disclosed in accordance with paragraph 13, entities may have:

(a) imputation credits that will arise from the payment of the amount of the provision for income tax;

(b) imputation debits that will arise from the payment of dividends recognised as a liability at the reporting date; and

(c) imputation credits that will arise from the receipt of dividends recognised as receivables at the reporting date.

Where there are different classes of investors with different entitlements to imputation credits, disclosures shall be made about the nature of those entitlements for each class where this is relevant to an understanding of them.