Oil Search Limited Dividend:

Corey owns 1,000 shares in Oil Search Limited. In March 2018, the company announced an unfranked dividend of 24.00 cents per share. Therefore, Corey was entitled to an unfranked dividend of $240.00.

However, Corey once again forgot to quote his tax file number (TFN) to the share registry and the share registry consequently deducted 47% (or $112.80) TFN with-holding tax in respect of this dividend and paid Corey just the net amount of $127.20.

This net amount of $127.20 was paid into Coreys bank account on 17 March 2018.

Q. Calculate the amount that Corey needs to include in his assessable income for the year ended 30 June 2018. . Assume that the company tax rate is 30%.