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XYZ Pty Ltd had a Benchmark Franking Percentage of 50% for the year ended 30 June 2019. On 1 December 2018 it paid an unfranked

XYZ Pty Ltd had a Benchmark Franking Percentage of 50% for the year ended 30 June 2019. On 1 December 2018 it paid an unfranked dividend of $200,000 to its shareholders. (5 marks)

Calculate and explain the tax consequences of this payment for the year ended 30 June 2019? (Only advise ABC Pty Ltd, not the shareholders).

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