Spooner Pty Ltd is an Australian resident private company. All the shares in Spooner Pty Ltd are owned by Ellie.

During the year ended 30 June 2019 the following events occurred in relation to Spooner Pty Ltd:

1 July 2018Opening balance of franking account$100,000

2 July 2018Payment of dividend franked to 60%$1,200,000

28 October 2018Payment of income tax for Spooner Pty Ltd$600,000

26 November 2018Receipt of dividend from another company

franked to 80%$450,000

31 December 2018Refund of income tax for Spooner Pty Ltd$750,000

22 February 2019Receipt of dividend from another company

franked to 50%$430,000

2 March 2019Payment of dividend franked to 30%$600,000

31 March 2019Payment of income tax for Spooner Pty Ltd$250,000

2 April 2019Payment of fully franked dividend$900,000

4 April 2019Payment of Goods & Services Tax$50,000

30 June 2019Payment of dividend franked to 40% $750,000

Required:

For the year ended 30 June 2019:

a) Calculate the over franking tax (if any) that Spooner Pty Ltd is liable to pay (5 Marks)

b) Calculate the franking deficit tax (if any) that Spooner Pty Ltd is liable to pay (5 Marks)