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Overcooked Pty Ltd (not a base rate entity) has prepared the following franking account: Transaction Date 01-Jul-20 Opening Balance 08-Aug-20 Dividend Paid 03-Dec-20 Tax


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Overcooked Pty Ltd (not a base rate entity) has prepared the following franking account: Transaction Date 01-Jul-20 Opening Balance 08-Aug-20 Dividend Paid 03-Dec-20 Tax Paid 14,000 x 30/70 x 100% 2019/20 Company Tax 08-Feb-21 Dividend Paid 4,500 x 30/70 x 100% 10-Apr-21 Dividend Received 6,000 x 30/70 x 50% Debit Credit 6,000 1,929 1,000 1,286 Balance 5,429 cr 571 dr 429 C 1,499 dr 213 dr How much Franking Deficit Tax will be payable by Overcooked Pty Limited for the debit balance? If Overcooked Pty Ltd has taxable Income of $100,000, how much Income tax will be payable by Overcooked Pty Ltd after only providing for any credits allowed for by the Franking Deficit Tax?

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