During the year ended 30 June 2022 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 allowable deductions of $4,000. The Company pays tax at the rate of 30 cents in the dollar and is not a BRE.

What is XYZ Pty Limited's net tax to pay or its refund due when its assessment issues?

Taxable Income

Basic Income Tax Liability (BITL)

Low Income Tax Offset

Low and Middle Income Tax Offset (LAMITO)

Franking Tax Offset

PAYG (W)

Net Tax Payable / Refundable

Answer: