Question
David owns shares in several Australian listed public companies. During the 2020/21 income year, he received the following dividend income: Company Name Date paid Cash
David owns shares in several Australian listed public companies. During the 2020/21 income year, he received the following dividend income:
Company Name | Date paid | Cash received (franking percentage) |
Afterpay 2nd October 2020. $960 (fully franked)
Rio Tinto. 13th October 2020. $1,400 (60% franked)
Qantas 2nd April 2021. $1,080 (unfranked)
In the case of all dividends received, the company tax rate was 30%.
In respect of the Afterpay dividend, David elected to take part in the companys dividend reinvestment scheme. This meant that instead of receiving the cash dividend of $960, on 2nd October 2020, David was issued with 8 additional shares in Afterpay valued at $120 each.
Calculate the total taxable amount for David?
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