Principles of Advanced Taxation Planning

1. What payments would a company make this FBT year if it had a $5,200 FBT liability for the current year and they had a $5,000 FBT liability last FBT year?

In regards to question 1 please refer to the text book to assist you noting that the first 3 quarters are based on last years amount and the final quarter on the current years less what has been paid so the balance is shown in the last quarter. Show each quarter this is not 1,300

2. Bonny Tyler receives the following in the current year: Salary and wages $53,000 Fully franked dividends $4,500 Unfranked dividends $500 How much tax and Medicare will Bonny have to pay given she has private health insurance?

In regards to question 2 please review the imputation credit (review the course work to show how this is completed) once you have completed this show the Taxable income then show the breakdown of tax that would apply noting that you will need to then deduct the imputation credit from this and show the final tax liability.

fully franked dividend. A sharedividendon which the company has already paid tax