Peter and Mary are resident taxpayers. They have approached you for advice in relation to the following matters: $8.500 In 2019/20, Peter earned a salary of $68.400 on which tax of $11.200 was withheld by his employer. His other income induded: o Fully franked dividends from Cisco Pty Ltd o Partially franked dividends from Wooley Ltd (franked to 60%) $3.200 Interest on investments $3,500 In the same period, Peter's wife, Mary, also received: o Fully franked dividends from ERA Resources Ltd o Unfranked dividends from Crown Ltd o Income from investments $8.500 31.500 $21,000 Peter and Mary are considering purchasing shares which pay fully franked dividends in the name of their son Paul who is 14 years old. They believe that this will provide the family with tax advantages. NOTE: You can assume that all the companies are residents of Australia CALCULATE and ADVISE Peter and Mary on the tax consequences arising from the respective receipts that accrued to them for the year ended 30 June 2020. Your answer should also include advise Peter and Mary on the tax consequences (if any) of the transaction that they propose to undertake on Paul's behalf. Where appropriate, calculations should be undertaken to highlight the issues that you are addressing. Peter and Mary are resident taxpayers. They have approached you for advice in relation to the following matters: $8.500 In 2019/20, Peter earned a salary of $68.400 on which tax of $11.200 was withheld by his employer. His other income induded: o Fully franked dividends from Cisco Pty Ltd o Partially franked dividends from Wooley Ltd (franked to 60%) $3.200 Interest on investments $3,500 In the same period, Peter's wife, Mary, also received: o Fully franked dividends from ERA Resources Ltd o Unfranked dividends from Crown Ltd o Income from investments $8.500 31.500 $21,000 Peter and Mary are considering purchasing shares which pay fully franked dividends in the name of their son Paul who is 14 years old. They believe that this will provide the family with tax advantages. NOTE: You can assume that all the companies are residents of Australia CALCULATE and ADVISE Peter and Mary on the tax consequences arising from the respective receipts that accrued to them for the year ended 30 June 2020. Your answer should also include advise Peter and Mary on the tax consequences (if any) of the transaction that they propose to undertake on Paul's behalf. Where appropriate, calculations should be undertaken to highlight the issues that you are addressing