The following information is provided by Domino Pty Ltd (tax rate 30%).

Date Transaction Amount ($)

01.07.19

Credit franking account balance

1,000

28.07.19

PAYG instalment paid for June quarter 2018/19

8,000

31.08.19

Paid annual GST for 2018/19

11,000

30.09.19

Paid final dividend from 2018/19 – 60% franked

42,000

25.10.19

PAYG instalment paid for Sep quarter 2019/20

4,000

28.10.19

Paid income tax from 2018/19 income tax return

7,500

15.12.19

Received 70% franked dividend

16,000

15.02.20

Paid interim dividend – fully franked

42,000

28.02.20

PAYG instalment paid for Dec quarter 2019/20

4,000

28.05.20

PAYG instalment varied to $0 from Mar quarter

0

30.06.20

Final dividend declared for 2019/20

9,000

The company bench mark percentage is 60%

Taxable income of the company for the 2019/20 tax year was $50,000

Required

Prepare the franking account of Domino Pty Ltd for the 2019/20 franking year

Calculate the company net tax payable/refundable for 2019/20.

Answer rating: 100% (QA)

The dividend is defined as the share of each share paid to the companys shareholders based on the ... View the full answer