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The following information is provided by Exemplar Pty Ltd (tax rate...

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Asked by UltraKnowledge1213 on coursehero.com

The following information is provided by Exemplar Pty Ltd (tax rate...

The following information is provided by Exemplar Pty Ltd (tax rate 30%). 

Date

Transaction

Amount ($)

07.07.19

Franking deficit tax relating to 2018/19

7,000

28.07.19

PAYG instalment paid for June quarter 2018/19

13,000

30.09.19

Paid final dividend from 2018/19 - 80% franked

14,000

25.10.19

PAYG instalment paid for Sep quarter 2019/20

3,500

28.10.19

Refund of net tax from 2018/19 income tax return

12,500

15.12.19

Received fully franked dividend

7,000

28.02.20

PAYG instalment paid for Dec quarter 2019/20

3,500

15.03.20

Paid interim dividend - fully franked

14,000

28.04.20

PAYG instalment paid for March quarter 2019/20

3,500

30.05.20

Paid 2019/20 Fringe benefit tax

4,600

30.06.20

Final dividend declared for 2019/20

9,000

30.06.20

PAYG instalment payable for June quarter 2019/20

3,500

 

The company bench mark percentage is 80%

Taxable income of the company for the 2019/20 tax year was $90,000

The franking deficit tax paid on 7 July was applied against the 2018/19 tax liability (FDT).

Required

Prepare the franking account of Exemplar Pty Ltd for the 2019/20 franking year.

Calculate the company net tax payable/refundable for 2019/20

Answer & Explanation

Solved by verified expert
Answered by MegaPrairieDog1296 on coursehero.com

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Step-by-step explanation

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