Condor Limited is listed on the ASX and earns part of its income in Australia, and part overseas where it is required to pay tax overseas. The Australian company tax rate is 30 per cent. Condor Limited can provide dividend imputation to Australian shareholders from Australian tax paid. Assume the shareholders marginal tax rate is 37 per cent plus the Medicare levy of 2 per cent. The investor receives a 70 per cent partly-franked dividend of $12,700 Find the income tax payable by the investor on the partly-franked dividend. Then re-calculate the income tax payable if the dividend was fully franked