Barry owns shares in several Australian listed public companies in his own name (tax rate 30%). During the 2020 income year, Barry received the following dividends:

Name of Company	Unfranked	Franked	Franking Percentage attached to Franked Dividends
Aristocrat Leisure 2.     Boral 3.     Coles Group 4.     Fortescue Metals Group 5.     Karoon Energy (see below) 6.     Qantas Airways (see below) 7.     Telstra 8.     Wesfarmers	- $40 $140 - $106 (a) no cash (b) - -	$580 $80 $220 $170 - - $360 $980	100% 80% 80% 100% - - 75% 100%

 

(a)        Karoon Energy Limited Dividend:

 

Barry owns 10,000 shares in Karoon Energy Limited. In March 2020, the company announced payment of an unfranked dividend of 2.00 cents per share which entitled Barry to a total unfranked dividend amount of $200.

 

However, Barry once again forgot to quote his tax file number (TFN) to the share registry and the share registry consequently deducted 47% (or $94) in TFN withholding tax in respect of this dividend and paid Barry just the net amount of $106.

 

This net amount of $106 was paid into Barry’s bank account on 24 April 2020.

 

(b)       Qantas Airways Dividend:

Barry owns 5,200 shares in Qantas Airways Limited. In September 2019, the company announced an unfranked dividend of 10 cents per share which entitled Barry to a dividend of $520 (unfranked). However, instead of receiving the cash dividend, Barry elected to apply this amount under the company’s dividend reinvestment scheme so that he received an additional 100 shares in the company.

 

On the date the dividend was declared, the share price of the company was $5.20 per share. Hence, instead of taking the $520 cash dividend (which would have been unfranked), Barry elected to receive an additional 100 shares in the company.

 

Barry owns 100 shares in the UK oil and gas company, British Petroleum PLC. On 1 April 2020 Barry received a dividend cheque from the company’s share registry in the UK for an amount of £272.

 

According to the dividend statement that accompanied the cheque, the total amount of the dividend paid was £320 but foreign withholding tax of £48 equivalent to 15% of the gross dividend had been deducted from the gross dividend which was payable.   

 

The foreign exchange rate on the date the dividend was received was $A1.00 = £0.5882. There were no franking credits in respect of these foreign dividends.

 

Barry advises you that he does not have more than $A50,000 invested in foreign assets.

Determine assessability and deductibility income

Then please calculate the assessable income for the financial period 2020.