Two of the country’s biggest superannuation funds are gearing up to challenge tax officials over rulings that have deprived them of millions of dollars in franking credits in test cases that will have significant ramifications for the future of the $78.8 billion-plus dividend refund scheme.
HESTA – the $91 billion default fund for health workers – has lodged an appeal in the Federal Court while Australian Retirement Trust, the country’s second-largest fund with $312 billion under management, will soon file its own claim against the Australian Taxation Office.
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