Scenario

During the current income year, a taxpayer derived the following income:

Interest from building society

$1000

Class C franked dividend (public company) - franked to 100%

$25000

Unfranked dividend (private company)

$1500

Total income received $

$27500

Question1: Calculate taxable income assuming the taxpayer was:

a)a resident individual;

b)a non-resident (UK) individual

c)a resident public company (not part of a wholly-owned company group with the private company paying the dividend);

d)and a resident private company (not in the same group as the private company paying the dividend).