Discuss the maximum franking credit that it can attach

Reference no: EM133389196

Question: On 1 September 2021, Waterworks Pty Ltd made its first frankabledistribution to its shareholders for the 2021/22 tax year. Thisamounted to $160,000. Waterworks wants to pass on a $60,000 franking credit to its shareholders for this distribution.
Required:
Assuming that Waterworks is not a base rate entity for the 2021/22tax year, advise Waterworks of: the maximum franking credit that it can attach to the distribution,and its benchmark franking percentage for the 2021/22 tax year.

Reference no: EM133389196

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