Question 3 Gold Pty Ltd is an Australian resident private company. All the shares in Gold Pty Ltd are owned by Johnny Gold. During the year ended 30 June 2019 the following events occurred in relation to Gold Pty Ltd: 1 July 2018 2 July 2018 28 October 2018 26 November 2018 Opening balance of franking account $200,000 Payment of dividend franked to 70% $1,600,000 Payment of income tax for Gold Pty Ltd $600,000 Receipt of dividend from another company franked to 80% $450,000 Refund of income tax for Gold Pty Ltd $750,000 31 December 2018 22 February 2019 Receipt of dividend from another company franked to 50% $430,000 Payment of dividend franked to 30% $600,000 Payment of income tax for Gold Pty Ltd $250,000 2 March 2019 31 March 2019 2 April 2019 Payment of fully franked dividend $700,000 4 April 2019 Payment of Goods & Services Tax $50,000 30 June 2019 Payment of dividend franked to 40% $550,000 Using the information provided above, prepare the Franking Account for Gold Pty Ltd for the year ended 30 June 2019: (Australia) Required: a) Calculate the over franking tax (if any) that Gold Pty Ltd is liable to pay (5 Marks) b) Calculate the franking deficit tax (if any) that Gold Pty Ltd is liable to pay