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Question - Otage Pty Ltd (Otage) is an Australian resident private company with a corporate tax rate for imputation purposes for the 2020/21 income year of 30% Otage provided you with the following information regarding its Franking Account:
Opening balance 1500 credit.
PAYG instalment paid for 2020/21 totalled $1,200 It paid a fully franked dividend of $7,000 on 29 june 2021, Otage had a taxable income of $6,000 for 2020/21 please answer this questions:
Required -
(a) Calculate the closing balance in the franking account.
(b) Explain any consequences arising from the frankding account balance at 30 June 2021.
(c) Calculate the opening balance of the franking account for the next year.
(d) Calculate net tax payable or refundable by Otage given a company tax rate of 30%.
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