During the year ended 30 june 2016 xyz pty limited, a resident australian private company, received a franked dividend of $10,800 with $3,200 of attached franking credits. xyz pty limited had no allowable deductions. what is xyz pty limiteds net tax to pay or its refund due when its assessment issues? taxable income basic income tax liability (bitl) minus low income tax offset (lito minus low and middle income tax offset minus franking tax offset minus payg (w) net tax payable / refundable?