Statement of Advice 2 Calculate the franking account and tax payable by Technical Solutions Pty Ltd .
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Question:
Statement of Advice 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 income year of
Jerry provided you with the following information regarding the companys franking account:
Date Transactions Amounts
July Opening balance $
August Tax refund from company tax return $
October GST paid relating financial year $
November PAYG instalment paid relating September quarter $
December Paid fully franked dividend $
February Received fully franked dividend from Australian company $
February PAYG instalment paid relating December quarter $
May PAYG instalment paid relating March quarter $
June Paid unfranked dividend $
Other information
Benchmark franking percentage for Technical Solution Pty Ltd is
Technical Solutions Pty Ltd has a taxable income of $ for
Required
Prepare Technical Solutions Pty Ltds franking account for the tax year you must use
the running balance table to complete the franking account and explainadvise any
consequences arising from the franking account balance at June
Calculate net tax payable refundable for the compan
Related Book For
Auditing Assurance Services and Ethics in Australia an Integrated Approach
ISBN: 978-1442539365
9th edition
Authors: Alvin A Arens, Peter J. Best, Greg Shailer, Brenton Fiedler
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