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#### Income tax Dates

You'll need the following information to do the calculation:

• company's net total income for the company's income year
• total dividends paid to you by the company for the company's income year
• voting interests held in the company on the last day of the income year by you
• total number of company shares on the last day of the income year.

## Calculation for your attributed income

(your voting interests ÷ total voting interests) × (company's total income − dividends) = attributed income

Dividends are the total amount, not exceeding the company income, of dividends paid by the company to you for the income year.

### If there are multiple companies

If you're a major shareholder in more than 1 close company, you'll need to do separate calculations for each company and combine the attributed income amounts.

You should also leave out any fixed-rate shares from the calculations.

Example 1

Jasmine receives Working for Families for her 2 children and holds 60,000 of the 100,000 voting interests in the company.

The company made a profit of \$90,000 and did not pay any dividends.

Jasmine's attributed income calculation for her shares

(60,000 ÷ 100,000) × (\$90,000 − \$0) = \$54,000 attributed income

Example 2

Renee receives Working for Families payments. She holds 25% of the voting interests in a private company with 2 other shareholders.

The company made a profit of \$200,000 and paid dividends to Renee of \$12,500.

Renee's attributed income calculation

(25% × \$200,0000) − \$12,000 = \$37,500

Last updated: 28 Apr 2021
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