Heavy Weight Pty Ltd paid a fully franked dividend of $150,000 on 1 April 2021. This dividend paid by the company to the shareholders was used by Max and Lara to pay down the mortgage that they have on their family home. Interest paid on the home loan during the financial year was$26,000.

How to record this information in the income tax return?

Answer rating: 100% (QA)

Note 1 In income tax return dividend income should be shown in other source income for ... View the full answer