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Suppose an individual subject to a 45 % marginal rate of income tax has 3,000 shares in a company that is paying a fully- franked dividend of 50 cents per share. The individual is a resident for taxation purpose. If the company tax rate is 30 per cent:
i. Calculate the individual's taxable income due to the dividend?
ii. What tax credit can the individual claim due to the franked dividends?
iii. What is the tax on the taxable income due to the dividend?
iv. What tax, if any, is payable by the individual out of the cash dividend?
Please solve it in the full formula and detail explain answer
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