Edmund Pty Ltd (an Australian resident private company) is wholly owned by Melchett Pty Ltd, another Australian resident private company. All the shares in Melchett Pty Ltd are owned by George, an Australian resident During the year ended 30 June 2019 the following events occurred in relation to Melchett Pty Ltd: 1 July 2018 Opening balance of franking account $60,000 4 July 2018 Payment of dividend franked to 55% $480,000 3 August 2018 Payment of Payroll Tax $170,000 28 September 2018 Payment of income tax $27,000 31 January 2019 Refund of income tax $460,000 22 February 2019 Receipt of dividend from company outside the group, franked to 90% $280,000 2 March 2019 Payment of dividend franked to 30% $420,000 31 March 2019 Payment of income tax $44,000 2 May 2019 Refund of Land Tax $150,000 4 May 2019 Payment of Fringe Benefits Tax $3,000 30 June 2019 Payment of dividend franked to 65% $380,000 Required: Prepare the franking account for Melchett Pty Ltd for the year ended 30 June 2019 and indicate the consequences for Melchett Pty Ltd of the final balance of the franking account and of any beaches of the Benchmark Rule. You must give reasons for your answer. Your discussion must include an analysis of the pertinent sections of the relevant legislation, rulings and the relevant case law. If relevant, you must show your calculations