Required Prepare the franking account of Exemplar Pty Ltd for the 2019/20 franking year. Calculate the company net tax payable/refundable for 2019/20 Please answer within 45mins
The following information is provided by Exemplar Pty Ltd (tax rate 30%).
|
Date |
Transaction |
Amount ($) |
|
07.07.19 |
Franking deficit tax relating to 2018/19 |
7,000 |
|
28.07.19 |
PAYG instalment paid for June quarter 2018/19 |
13,000 |
|
30.09.19 |
Paid final dividend from 2018/19 – 80% franked |
14,000 |
|
25.10.19 |
PAYG instalment paid for Sep quarter 2019/20 |
3,500 |
|
28.10.19 |
Refund of net tax from 2018/19 income tax return |
12,500 |
|
15.12.19 |
Received fully franked dividend |
7,000 |
|
28.02.20 |
PAYG instalment paid for Dec quarter 2019/20 |
3,500 |
|
15.03.20 |
Paid interim dividend – fully franked |
14,000 |
|
28.04.20 |
PAYG instalment paid for March quarter 2019/20 |
3,500 |
|
30.05.20 |
Paid 2019/20 |
4,600 |
|
30.06.20 |
Final dividend declared for 2019/20 |
9,000 |
|
30.06.20 |
PAYG instalment payable for June quarter 2019/20 |
3,500 |
The company bench mark percentage is 80%
Taxable income of the company for the 2019/20 tax year was $90,000
The franking deficit tax paid on 7 July was applied against the 2018/19 tax liability (FDT).
Required
Prepare the franking account of Exemplar Pty Ltd for the 2019/20 franking year.
Calculate the company net tax payable/refundable for 2019/20
Please answer within 45mins
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