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  • Fact 13

    During World War I, many taxpayers felt that it was their patriotic duty to pay more than their assessed tax. Some were not legally obliged to pay tax but did so and others made payments of double, treble or quadruple the assessed amounts.

Franking credit

A credit paid to shareholders for the tax already paid on a dividend distribution by the company. Franking dividends were formerly called imputation credits.

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