Income Report
The Income Report summarises all dividend income received during a financial year, including franking credits and foreign withholding tax. This information is essential for completing the investment income sections of your tax return.
Accessing the Report
- Navigate to your portfolio page.
- Go to the Tax section.
- Select the Income Report tab.
- Choose the Financial Year from the dropdown.
Report Sections
Summary
| Metric | Description |
|---|---|
| Total Dividend Income | Sum of all confirmed dividends in the financial year |
| Domestic Dividends | Dividends from Australian-listed stocks |
| Foreign Dividends | Dividends from stocks listed on overseas exchanges |
| Franking Credits | Total imputation credits from Australian franked dividends |
| Foreign Withholding Tax | Tax withheld by foreign jurisdictions on overseas dividends |
What Are Franking Credits?
Franking credits (also called imputation credits) represent tax already paid by the company on its profits before distributing them as dividends. As an Australian taxpayer, you can claim these credits to reduce your personal tax liability or receive a refund.
Example: A fully franked dividend of $70 from CBA means the company already paid $30 in tax (at the 30% corporate rate). You receive $70 in cash plus $30 in franking credits, for a gross dividend of $100. You are taxed on the full $100 but receive a $30 tax offset.
Not all dividends are fully franked. Some are partially franked (a portion includes franking credits) or unfranked (no franking credits). Metrifly records whatever franking amount you enter when confirming dividends.
Detailed Breakdown
A table lists each dividend event:
| Column | Description |
|---|---|
| Ticker | The stock that paid the dividend |
| Exchange | Where the stock is listed |
| Ex-Date | The ex-dividend date |
| Payment Date | When the dividend was paid |
| Amount Per Share | Dividend per share |
| Total Amount | Total dividend income (shares held x amount per share) |
| Franking Credits | Imputation credits (Australian stocks only) |
| Withholding Tax | Foreign tax withheld (overseas stocks only) |
Foreign Income
For stocks listed on overseas exchanges (e.g., NYSE, NASDAQ, LSE), dividends may be subject to foreign withholding tax. Common rates:
| Country | Typical Withholding Rate |
|---|---|
| United States | 15% (with W-8BEN treaty rate) |
| United Kingdom | 0% |
| New Zealand | 15% |
| Canada | 15% |
Metrifly records the dividend amount and any withholding tax you enter. It does not automatically calculate withholding tax rates. Check your broker statements for the actual amounts withheld.
Using the Income Report for Tax
The Income Report provides the data you need for several sections of the Australian tax return:
| Report Data | ATO Label/Section |
|---|---|
| Domestic dividends + franking credits | Item 11: Dividends |
| Foreign dividends | Item 20: Foreign source income |
| Foreign withholding tax | Item 20: Foreign income tax offset |
See myTax Guide for step-by-step instructions on entering this data in your tax return.
AMIT Statements
For holdings that are managed funds or ETFs structured as Attribution Managed Investment Trusts (AMITs), Metrifly supports recording AMIT statements per holding per financial year.
AMIT statements break down the fund's income into components:
- Interest income
- Domestic dividends (franked and unfranked)
- Foreign income
- Capital gains (discountable and non-discountable)
- Tax-deferred amounts (reducing cost basis)
- Non-assessable non-exempt amounts
These components are reported separately in your tax return. You can enter AMIT data on the holding detail page.
Exporting
Click Export CSV to download the income data. The export includes all dividend events with franking credits and withholding tax for the selected financial year.
Troubleshooting
| Problem | Solution |
|---|---|
| Report shows no income | Check that you have confirmed dividends for the selected financial year. Pending dividends are not included. |
| Franking credits are missing | Franking credits must be entered when confirming each dividend. Edit the DIVIDEND transaction to add them. |
| Foreign withholding tax not shown | This must be entered manually when recording the dividend. Check your broker statement for the withheld amount. |
| Amounts do not match broker statement | Verify each dividend transaction amount and dates. Small differences may occur due to rounding or FX conversion timing. |
Related Guides
- Tax Setup -- Configure tax entity type
- Capital Gains Report -- Realised gains and losses
- myTax Guide -- Entering data in your ATO return
- Confirming Dividends -- Processing pending dividends
- Dividend Tracking -- How dividends are detected