Question: (A) What are the criteria to classify a base rate entity and what is the rate of tax? (B) Amid is the trustee of a

(A) What are the criteria to classify a ‘base rate entity’ and what is the rate of tax?

(B) Amid is the trustee of a complying superannuation fund that pays tax at the rate of 15%. Its taxable income for the year consists of an $85,000 dividend with which $40,000 of franking credits are allocated it. What is Amid’s tax liability? Show working.

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