I have been receiving the old age pension for some years with no other source of income except a few shares. Therefore I have not submitted a tax return for at least 10 years. Each time the companies pay their dividend, naturally they pay the tax involved. I then have to go to the tax office to have the franking credits refunded and it’s a pain in the neck. Is there some way of avoiding the tax being deducted in the first place?
Unfortunately, there is no way of avoiding having the tax deducted but you could either file a tax return, or lodge a form with the ATO which will refund your franking credits. The link to the form is on the ATO website.