Baltar Pty Ltd had taxable income for5 the current year ended 30 June of $220,000. Baltar has paid PAYG tax instalments for income tax of $22,000 in quarterly instalments 28 July, 28 October, 28 February, and 28 April,. It declared a dividend on 30 April of $63,000 (with imputation credit of $27,000) to its only shareholder Sixx pty Ltd. Sixx had other income of $100,000 for the year ended 30 June. Sixx has paid PAYG instalments relating to income tax of $12,000 in quarterly instalments for 28 July, 28 October, 28 February, and 28 April. Sixx paid a dividend of $41,250 (with imputation credit of $17,678) in May to its only shareholder Jamie Callus who has private health cover but not other income for that year.

Required: (a) Advise Jamie Callus of his liability to the Australian Taxation Office (ATO) in regard to the current income year. Calculate his tax payable or refund. (b) Advise Baltar pty Ltd of its liability to the ATO in regard to the current income year. Calculate Baltar's tax payable or refund. (c) Advise Sixx Pty Ltd of its liability to the ATO in regard to the current income year. Calculate Sixx's ta payable or refund. (d) Construct Baltars' franking account for the current year. In addition, advise Baltar of implications (if any) arising from its franking account. (e) Construct Sixx Pty Ltd's franking account for the current year. In addition advise Sixx of implications (if any) arising from its franking account.

Answer rating: 100% (QA)

a Jamie Callus Taxable income Dividend from Sixx Pty Ltd41250 LessFranking credit17678 Net dividend2... View the full answer