FDT Pty Ltd, a corporate tax entity, has the following transactions for the 2019/20 tax year:...

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FDT Pty Ltd, a corporate tax entity, has the following transactions for the 2019/20 tax year: Date 30/06/19 12/07/19 12/12/19 24/01/20 17/02/20 Transaction Nil Balance Received Unfranked Dividend 2018/19 Balance of Company Tax Paid Paid Fully Franked Dividend Received 2017/18 Tax Refund following amended return Paid Fully Franked Dividend 4,200 15,000 14,000 5,000 10,500 27/06/20 Note - the benchmark franking percentage is 100%. Prepare the franking account for the 2019/20 tax year. additional taxes payable. Calculate any Qu 4.31 (Franking account - franking deficit tax) Note- Please show all workings where necessary Prepare the franking account for the year ended 30 June 20 Franking Account Date Transaction Amount Debit Credit Balance 1/07/2019 Opening Balance 12/12/2019 Company Tax Paid Balance FY 2018/19 $15,000 15,000 15000 Cr 24/01/2020 Fully Franked Divided $14000 *(30/70) $6,000 6,000 9000 Cr 17/02/2020 Received Tax Refund 2017/18 5,000 4000 Cr 27/06/2020 Fully Franked Divided $10500*(30/70) $4,500 4,500 500 Dr Calculate any additional tax payable Franking Deficit of $500 will be payable.. FDT Pty Ltd, a corporate tax entity, has the following transactions for the 2019/20 tax year: Date 30/06/19 12/07/19 12/12/19 24/01/20 17/02/20 Transaction Nil Balance Received Unfranked Dividend 2018/19 Balance of Company Tax Paid Paid Fully Franked Dividend Received 2017/18 Tax Refund following amended return Paid Fully Franked Dividend 4,200 15,000 14,000 5,000 10,500 27/06/20 Note - the benchmark franking percentage is 100%. Prepare the franking account for the 2019/20 tax year. additional taxes payable. Calculate any Qu 4.31 (Franking account - franking deficit tax) Note- Please show all workings where necessary Prepare the franking account for the year ended 30 June 20 Franking Account Date Transaction Amount Debit Credit Balance 1/07/2019 Opening Balance 12/12/2019 Company Tax Paid Balance FY 2018/19 $15,000 15,000 15000 Cr 24/01/2020 Fully Franked Divided $14000 *(30/70) $6,000 6,000 9000 Cr 17/02/2020 Received Tax Refund 2017/18 5,000 4000 Cr 27/06/2020 Fully Franked Divided $10500*(30/70) $4,500 4,500 500 Dr Calculate any additional tax payable Franking Deficit of $500 will be payable..

Answer rating: 100% (QA)

Therefore Tax Payable is 2300 explanation A Franked dividend are ... View the full answer