Reference no: EM132815826
Question - During the year ended 30 June 2020, Fedlin Pty Limited (an Australian resident private company) had the following events that might be relevant to its franking account:
1-Jul-2020 Opening balance of franking account $65,000
15-Jul-2020 Payment of dividend franked to 65% $380,000
3-Aug-2020 Payment of payroll tax $170,000
28-Aug-2020 Payment of June 19 PAYG instalment $27,000
31-Jan-2020 Refund of income tax $160,000
22-Feb-2020 Receipt of dividend from company outside the group, franked to 80% $280,000
2-Mar-2020 Payment of dividend franked to 40% $420,000
31-Mar-20 Payment of income tax $54,000
13-Apr-20 Refund of land tax $149,000
6-May-20 Payment of fringe benefits tax $6,000
30-Jun-20 Payment of dividend franked to 70% $380,000Required:
Required -
a) Create the franking account with explanations.
b) Explain any further taxes for which the Company might be liable.
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