Caltex Ltd (a public company for tax law purposes with a turnover of 200 million) has an opening franking account surplus of $40 000 at 1 July 2020. During the 2020-21 income year the company entered into the following transactions:

1. On 21 July 2020, the company paid its fourth and final PAYG instalment of $30 000 in respect of the 2020 income year. 2. On 18 August 2020, the company paid a dividend of $98 000 franked to 70 per cent. 3. On 25 September 2020, the company received a fully franked dividend from Sims Ltd of $12 000. 4. On 12 October 2020, the company paid its first PAYG instalment for the 2021 income year of $25 000. 5. On 9 January 2021, the company paid a franked dividend of $112 000, franked to 100 per cent. 6. On 28 February 2021, the company paid its second PAYG instalment for the 2021 income year of $25 000. 7. On 14 April 2021, the company received a fully franked dividend from CSR Ltd of $9600. 8. On 28 April 2021, the company paid its third quarter PAYG instalment for the 2021 income year of $25 000. 9. On 4 May 2021, the company paid a franked dividend of $212 000, franked to 80 per cent. Assume a company tax rate of 30 per cent.

Required: Prepare the franking account of Caltex Pty Ltd for the 2020/21 franking year and advise the company of its liability for franking deficit tax, if any. Show all calculations and cite relevant legislation to support your answer.

Thank you so much :)