During the 2016 financial year, ABC Pty Ltd, a resident Australian Company, received a franked dividend of $50,800 with $3,200 of attached franking credits. It had no allowable deductions. PAYG instalment payments of $9,000 were made. Required: Calculate ABC Pty Ltd's tax payable or refundable. Hints: Remember to gross up the assessable income (in step 1) by including the dividend AND the credits (which can then be deducted in step 3) Also, when working with companies, there is no need to look up the tax rate payable. Always use 30%.