During the year ended 30 June 2019 XYZ Pty Limited, a resident Australian private company (non BRE), received a franked dividend of $10,800 with $3,200 of attached franking credits. XYZ Pty Limited had no allowable deductions. Required Calculate what is XYZ Pty Limited's net tax to pay or its refund due when its assessment issues?

During the year ended 30 June 2019 XYZ Pty Limited, a resident Australian private company (non BRE), received a franked dividend of $10,800 with $3,200 of attached franking credits. XYZ Pty Limited had no allowable deductions. Required Calculate what is XYZ Pty Limited's net tax to pay or its refund due when its assessment issues?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 24P

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

1.Please Complete Solution With Details 2.Final Answer Clearly Mentioned 3.Do not give solution in image format

During the year ended 30 June
2019 XYZ Pty Limited, a resident
Australian private company (non
BRE), received a franked dividend
of $10,800 with $3,200 of
attached franking credits. XYZ Pty
Limited had no allowable
deductions. Required Calculate
what is XYZ Pty Limited's net tax
to pay or its refund due when its
assessment issues?

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