In the 2022/23 income year, Ironclad made three frankable distributions. The first distribution ($1 million) is franked

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Question:

In the 2022/23 income year, Ironclad made three frankable distributions. The first distribution ($1 million) is franked at 50%, the second distribution ($2million) is franked at 70%, and the third distribution ($1 million) is franked at 40%. (Assume a corporate tax rate for imputation purposes of 30%). Required: Advise Ironclad, Jerry and Barry regarding the income tax implications arising from the above facts in relation to the 2022/23 income year. In your answer make sure you refer to any relevant cases, legislative provisions, tax rulings and principles of tax law