The following information is provided by Domino Pty Ltd (tax rate 30%). Date Transaction Amount ($) 01.07.19
Question:
The following information is provided by Domino Pty Ltd (tax rate 30%).
Date Transaction Amount ($)
01.07.19
Credit franking account balance
1,000
28.07.19
PAYG instalment paid for June quarter 2018/19
8,000
31.08.19
Paid annual GST for 2018/19
11,000
30.09.19
Paid final dividend from 2018/19 – 60% franked
42,000
25.10.19
PAYG instalment paid for Sep quarter 2019/20
4,000
28.10.19
Paid income tax from 2018/19 income tax return
7,500
15.12.19
Received 70% franked dividend
16,000
15.02.20
Paid interim dividend – fully franked
42,000
28.02.20
PAYG instalment paid for Dec quarter 2019/20
4,000
28.05.20
PAYG instalment varied to $0 from Mar quarter
0
30.06.20
Final dividend declared for 2019/20
9,000
The company bench mark percentage is 60%
Taxable income of the company for the 2019/20 tax year was $50,000
Required
Prepare the franking account of Domino Pty Ltd for the 2019/20 franking year
Calculate the company net tax payable/refundable for 2019/20.