A resident company that has a corporate tax rate for imputation purposes of 30% pays a $8500 dividend with $4500 of franking credits allocated to it to each of its five shareholders.

Explain how its shareholders are taxed assuming their relevant details are as follows:

Terrance is a resident who has salary income of $55,000

Tanvi is a resident who has no other income

S Co is a resident private company that pays tax at the rate of 25.5%

Luxury Co is trustee of a complying superannuation fund that has no other income

G Co is a company that is resident in the United Statesand has no other income.