Antiques Pty Lid made three frankable distributions during the 2020/2021 franking period as follows: * December 2020:
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Question:
Antiques Pty Lid made three frankable distributions during the 2020/2021 franking period as follows:
* December 2020: $200,000 which is franked to 50%
* April 2021: $240,000 which is franked to 50%, and
* June 2021: $230,000 which is franked to 80%.
Required
a) Advise Antiques Lid of their benchmark franking percentage
b) Determine the tax consequences for the distributions paid during the 2020/2021 franking period including any extra taxes paid and any adjustments to the franking account.
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
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