On 1 July 2021, a new company, British -American Importers Pty Ltd (BAI) was formed. It is a private company and its shareholders/directors are Barry Baines, his wife Beryl and their business partner, Lynette Nethercott. BAl is a resident private company for tax purposes and is an SBE with an annual turnover of $30 million. It has the following net taxable income for the 2021-22 income tax year: - Net trading income $900000 - Dividend of $80000 from a resident public company with a franking credit attached of $34286 - Dividend of $10000 from a resident private company with a franking credit attached of $3333 For the year ended 30 June 2022, BAI wishes to pay a dividend of $80000 out of profit to its shareholders. The frankable part of the distribution is $55000 and the remaining $25000 is unfrankable. Required: (a) Calculate the net tax payable for BAl for the 2021-22 income tax year. (b) Determine the maximum franking credit that BAl can allocate to this frankable distribution. On 1 July 2021, a new company, British -American Importers Pty Ltd (BAI) was formed. It is a private company and its shareholders/directors are Barry Baines, his wife Beryl and their business partner, Lynette Nethercott. BAl is a resident private company for tax purposes and is an SBE with an annual turnover of $30 million. It has the following net taxable income for the 2021-22 income tax year: - Net trading income $900000 - Dividend of $80000 from a resident public company with a franking credit attached of $34286 - Dividend of $10000 from a resident private company with a franking credit attached of $3333 For the year ended 30 June 2022, BAI wishes to pay a dividend of $80000 out of profit to its shareholders. The frankable part of the distribution is $55000 and the remaining $25000 is unfrankable. Required: (a) Calculate the net tax payable for BAl for the 2021-22 income tax year. (b) Determine the maximum franking credit that BAl can allocate to this frankable distribution