Qantas 2003 Annual Report Download - page 51

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page 49
Spirit of Australia
NOTES TO THE FINANCIAL STATEMENTS continued
for the year ended 30 June 2003
5. Dividends
Dividends recognised in the current year by Qantas are:
Cents Total Franked Percentage
per Amount Date of Tax Rate Franked
Type Share $M Payment % %
2003
Interim – ordinary 8.0 140.5 9 April 2003 30 100
2002 final ordinary dividend recognised when 9.0 140.7 2 October 2002 30 100
declared during the year (refer to Note 2).
To tal amount 17.0 281.2
2002
Interim – ordinary 8.0 124.1 10 April 2002 30 100
Final – ordinary 9.0 140.7 2 October 2002 30 100
17.0 264.8
SUBSEQUENT EVENTS
Since the end of the financial year ended
30 June 2003, the Directors have declared
the following dividend:
Final – ordinary 9.0 159.7 1 October 2003 30 100
Qantas Group
2003 2002
$M $M
To tal franking account balance at 30 per cent (2002: 30 per cent) 179.2 174.5
The above amount represents the balance of the franking accounts as at year end, after taking into account adjustments for:
franking credits that will arise from the payment of income tax payable for the current financial year;
franking credits that will arise from the receipt of dividends recognised as receivables at the year end; and
franking credits that may be prevented from being distributed in subsequent years.
The ability to utilise franking credits is dependent upon there being sufficient available profits to declare dividends.
From 1 July 2002, the New Business Tax System (Imputation) Act 2002 requires measurement of franking credits based on the amount
of income tax paid, rather than on after tax profits.
As a result, the “ franking credits available” for the Qantas Group were converted from $407.1 million to $174.5 million as at 1 July 2002.
This change in the basis of measurement does not change the value of franking credits to shareholders who may be entitled to franking
credit benefits.