Question
Mr Kohinoor, director of Shiny Rock Pty Ltd, a company resident in Australia for tax purposes, approaches you as his tax agent to prepare the
Mr Kohinoor, director of Shiny Rock Pty Ltd, a company resident in Australia for tax purposes, approaches you as his tax agent to prepare the franking account for the current income year. Shiny Rock Pty Ltd currently pays tax at 30% During the current income year, the following events have occurred:
|
|
|
Date
| Transaction | Amount |
01.07 | Opening Balance (Credit) | $8 000 |
03.07 | PAYG instalment paid | $5 775 |
02.08 | Payment to superfund | $25 000 |
11.09 | Refund of earlier year Company tax | $10 000 |
01.10 | Receipt of fully franked dividend | $14 000 |
10.10 | The directors declare a fully franked dividend | $21 000 |
17.10 | Receipt of foreign dividend $2 000 tax withheld | $10 000 |
28.10 | PAYG Instalment paid | $6 800 |
30.11 | The declared fully franked dividend is paid | $21 000 |
02.02 | PAYG Instalment paid | $6 800 |
27.04 | PAYG Instalment paid | $6 800 |
30.06 | 80% franked dividend paid | $63 000 |
Benchmark % is 100%
Required Complete a franking account for Shiny Rock Pty Ltd for the current income year.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started