A resident company pays a net $7,200 fully imputed dividend to each of its five shareholders. Work out how each of the shareholders are taxed, assuming the following additional tax information:

 

• Tom is a resident who has salary income of $80,000
• Teresa is a resident who has no other income
• R Co is a resident company that has a tax loss of $1,000
• Super Co is a trustee of a complying trust that has resolved to retain the dividend as trustee income
• F Co is a company that is resident in the United Kingdom and has no other income.

(d) A Co owns 20% of the shares in B Co, both of which are New Zealand resident companies. B Co pays A Co a $72,000 dividend, which has $28,000 of imputation credits allocated to it. What are the relevant imputation credit account entries for A Co and B Co? Assuming this is the only receipt of A Co, how much tax will it be required to pay? How would your answer be different if A Co was a non-resident company?