Prepare the franking account of Domino Pty Ltd for the 2019/20 franking year Calculate the company net tax payable/refundable for 2019/20
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
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