a) Calculate Theta's tax liability for the year ended 30 June 2013. Ensure you provide an explanation of your treatment of each transaction. (12 marks) b) Calculate the franking account balance as at 30 June 2013 AND 1 October 2013. (4 marks) c) On 2 October 2013, Theta declares a dividend of $500,000. Assume that apart from the transactions previously stated in this question, there have been no other transactions that affected the franking account. Calculate the maximum franking credit that Theta can attach to this dividend. Assuming Theta does not want the franking account to go into deficit at the time the dividend is paid, advise Theta of the percentage to which it should frank the dividend. (2 marks) d) Assume Theta franks the dividend to the percentage you recommended in (c) above, comment on the tax treatment of the dividend to the following shareholders: Jack: receives a dividend of $10,000. Jack is an Australian resident at the highest marginal tax rate. Jill: receives a dividend of $8,000. Jill is a non-resident. You can assume the country in which Jill resides does not have a double tax agreement with Australia