Statement of Advice $2$ Calculate the franking account and tax payable by Technical

Solutions Pty Ltd$.$

Jerry Seinfeld is a director of Technical Smart Solutions Pty Ltd$,$ an Australian resident private

company, with a corporate tax rate for imputation purposes for the $2022/23$ income year of $30\%.$

Jerry provided you with the following information regarding the company$$s franking account:

Date Transactions Amounts

$1$ July $2022$ Opening balance $$400$

$30$ August $2022$ Tax refund from $2022$ company tax return $$4,500$

$20$ October $2022$ GST paid relating $2022$ financial year $$19,000$

$11$ November $2022$ PAYG instalment paid relating September quarter $2022$ $$1,300$

$28$ December $2022$ Paid fully franked dividend $$10,000$

$2$ February $2023$ Received fully franked dividend from Australian company $$6,000$

$27$ February $2023$ PAYG instalment paid relating December quarter $2023$ $$1,300$

$25$ May $2023$ PAYG instalment paid relating March quarter $2023$ $$1,300$

$28$ June $2023$ Paid unfranked dividend $$10,000$

Other information

$(1)$ Benchmark franking percentage for Technical Solution Pty Ltd is $100\%$

$(2)$ Technical Solutions Pty Ltd has a taxable income of $$27,000$ for $2022/23.$

Required

$1)$ Prepare Technical Solutions Pty Ltd$$s franking account for the $2022/23$ tax year $($you must use

the running balance table to complete the franking account$)$ and explain$/$advise any

consequences arising from the franking account balance at $30$ June $2023.$

$2)$ Calculate net tax payable $($refundable$)$ for the compan