ASX-listed Australian share exemption
This is a common exemption from the FIF rules. The exemption applies when a person holds shares in a company that:
• is listed on the official list of ASX Limited
• is an Australian resident (and not treated as resident in another country under an agreement between Australia and that other country)
• maintains a franking account, and
• is not stapled stock.
If the person is an individual,
no FIF income arises from this investment but they will usually need to account for dividends in their tax return and may need to pay tax on capital gains if shares are sold which were held on revenue account.
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