Question
The following information is provided by Exemplar Pty Ltd (tax rate 30%). Date Transaction Amount ($) 07.07.19 Franking deficit tax relating to 2018/19 7,000 28.07.19
The following information is provided by Exemplar Pty Ltd (tax rate 30%).
Date
Transaction
Amount ($)
07.07.19
Franking deficit tax relating to 2018/19
7,000
28.07.19
PAYG instalment paid for June quarter 2018/19
13,000
30.09.19
Paid final dividend from 2018/19 - 80% franked
14,000
25.10.19
PAYG instalment paid for Sep quarter 2019/20
3,500
28.10.19
Refund of net tax from 2018/19 income tax return
12,500
15.12.19
Received fully franked dividend
7,000
28.02.20
PAYG instalment paid for Dec quarter 2019/20
3,500
15.03.20
Paid interim dividend - fully franked
14,000
28.04.20
PAYG instalment paid for March quarter 2019/20
3,500
30.05.20
Paid 2019/20 Fringe benefit tax
4,600
30.06.20
Final dividend declared for 2019/20
9,000
30.06.20
PAYG instalment payable for June quarter 2019/20
3,500
The company bench mark percentage is 80%
Taxable income of the company for the 2019/20 tax year was $90,000
The franking deficit tax paid on 7 July was applied against the 2018/19 tax liability (FDT).
Required
Prepare the franking account of Exemplar Pty Ltd for the 2019/20 franking year.
Calculate the company net tax payable/refundable for 2019/20
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