Just be patient. You will receive a tax statement from them well after the financial year close. This will outline all the tax components (including but not limited to franking credits - there are some other juicy capital gains discounts and tax deferred income). The statements can take a while to come - I don't get the statements from some of my REITS into late August / September.
Sigh.. waiting for the tax statement is holding up my $6000 refund lol (God bless negative gearing hehe).
Dammit, should have just bought a LIC.
Agree with most of this. The key tenants to me:
- Minimize the major costs of life. For me, this has included living in share houses well into my 30's and driving cars into the ground. Compared to my peers, I significantly under-consume housing and cars.
- Optimize tax structures. I've done this through a company, a trust and a SMSF. It also helped with a lot of risk mitigation when I was a company director.
- Save hard and invest hard, with a focus on growth assets. I've focused on equity, listed and unlisted.
- Utilise leverage and haggle interest rates
- Only once I was established, think about a PPOR
I'm probably the opposite of Marty on property. I think that a PPOR is one of the cheapest ways to consume housing and one of the cheapest ways to access debt. However, I see a lot of people getting sucked into PPORs that result in them drastically over-consuming property.
I actually agree with most of that. And yet at the end of the day I still went down the PPOR route :)
I'm not trying to rationalise (i.e. I did this, therefore it is the correct and only way). For me it is simply the sleep at night/ stress factor. Also I don't think anyone would ever tolerate living with me.
- No one can kick me out of my place and I'm not subject to the whims or a landlord or flatmate. I can renovate, improve, turn a house into a home. Last week I put new blinds in and threw out the curtains.
- I don't have to share my fridge, my sink, my toilet etc
- I have an appreciating investment asset that is untaxed when sold
- The "income" that it produces (being not having to pay rent (imputed rent?)), is also outside the tax system.
In hindsight, there's a middle road to be taken, that I should have taken but I didn't.
I might have missed out on investment gains here and there. Who knows. The worst that has happened by not taking that middle road is that I have a fully paid off roof over my head.
Any other analysis over my situation is benefit of hindsight.