The debt and equity measures broadly operate to characterise certain interests as either debt or equity. For some tax law purposes, equity interests are treated in the same way as shares, even though they are not shares in legal form. These interests are called 'non-share equity interests'. They include some income securities and some stapled securities.
An overview of the debt and equity rules and explanation of what constitutes a non-share equity interest is available at Debt and equity tests: guide to the debt and equity tests.
For the purposes of the imputation system, generally non-share equity interests are treated in the same way as shares that are not debt interests. Non-share dividends on these types of interests may be franked or unfranked. Write any amount of non-share dividend, whether franked or unfranked, or any amount of franking credit attached to the non-share dividend, at the appropriate place on the applicable tax return as if it were for a share.