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Statement of Advice 2 Calculate the franking account and tax payable by Technical Solutions Pty Ltd . Jerry Seinfeld is a director of Technical Smart

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 companys 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 Ltds 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

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