Annual fringe benefit tax liability

Reference no: EM133608890

Question: Tommy Pty Ltd, a company incorporated in Australia, had the following transactions in relation to its franking account during the 2022/33 income year. The compa tax at a rate of 30%. Complete the relevant entries in the franking account below to calculate the closing balance. For each transaction, complete the relevant debit or credit entry and update the running balance of the franking account. 1 July 2022 - opening balance -$5000 cr 5 July 2022 income tax refund of $980 12 September 2022 paid a PAYG instalment of $5000 5 January 2023 paid a dividend, franked to 100% of $7000 28 February 2023 - received a $10000 dividend franked to 70% 4 march 2023 paid a PAYG instalment of $5000 20 April 2023 paid annual fringe benefit tax liability of $8700 11 June 2023 paid a franked dividend of $14000 (with a franking percentage of 50%)

Reference no: EM133608890

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