A resident company that has a corporate tax rate for imputation purposes of 30% pays a $7,000 dividend with $3,000 of franking credits allocated to it to each of its respective shareholders. Assume that the tax rates used in these calculations are those applying in the 2022 income year. Explain how its shareholders are taxed assuming their relevant details are as follows:

• Tom is a resident who has a salary income of $60,000.

• Teresa is a resident who has no other income.

• R Co is a resident private company that has a tax loss of $1,000 (assume R Co has a corporate tax rate of 26%).

• Super Co is trustee of a complying superannuation fund that has no other income.

• F Co is a company that is resident in the United Kingdom and has no other income