The following information is provided by South Pty Ltd (South), a resident private company with an annual turnover of $20 million in the 2016/17 tax year. 2016 01.07.16 Opening balance brought forward. Franking surplus 28.07.16 Payment of the last PAYG instalment for the 2015/16 tax year 30.09.16 Receipt of an unfranked dividend from a resident public company 28.10.16 Payment of the first PAYG instalment for the 2016/17 tax year 2017 28.02.17 Payment of the second PAYG instalment for the 2016/17 tax year 15.03.17 Final payment of company tax for the 2015/16 tax year 28.04.17 Payment of the third PAYG instalment for the 2016/17 tax year 28.04.17 Payment of fringe benefits tax 30.05.17 Payment of a fully franked dividend 30.06.17 Receipt of a dividend from an Australian public company franked to 75% S 1 029 1 000 2000 2 100 2 000 6550 2 250 4 200 37 300 3 000 Prepare the franking account of South for the 2016/17 franking year and advise the company of its liability for franking deficit tax.

The following information is provided by South Pty Ltd (South), a resident private company with an annual turnover of $20 million in the 2016/17 tax year. 2016 01.07.16 Opening balance brought forward. Franking surplus 28.07.16 Payment of the last PAYG instalment for the 2015/16 tax year 30.09.16 Receipt of an unfranked dividend from a resident public company 28.10.16 Payment of the first PAYG instalment for the 2016/17 tax year 2017 28.02.17 Payment of the second PAYG instalment for the 2016/17 tax year 15.03.17 Final payment of company tax for the 2015/16 tax year 28.04.17 Payment of the third PAYG instalment for the 2016/17 tax year 28.04.17 Payment of fringe benefits tax 30.05.17 Payment of a fully franked dividend 30.06.17 Receipt of a dividend from an Australian public company franked to 75% S 1 029 1 000 2000 2 100 2 000 6550 2 250 4 200 37 300 3 000 Prepare the franking account of South for the 2016/17 franking year and advise the company of its liability for franking deficit tax.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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