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Prepare the franking account of Exemplar Pty Ltd

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Reference no: EM132737383

Question - The following information is provided by Exemplar Pty Ltd (tax rate 30%).

Date Transaction Amount ($) 07.07.19

Franking deficit tax relating to 2018/19 7,000 28.07.19

PAYG instalment paid for June quarter 2018/19 13,000 30.09.19

Paid final dividend from 2018/19 - 80% franked 14,000 25.10.19

PAYG instalment paid for Sep quarter 2019/20 3,500 28.10.19

Refund of net tax from 2018/19 income tax return 12,500 15.12.19

Received fully franked dividend 7,000 28.02.20

PAYG instalment paid for Dec quarter 2019/20 3,500 15.03.20

Paid interim dividend - fully franked 14,000 28.04.20

PAYG instalment paid for March quarter 2019/20 3,500 30.05.20

Paid 2019/20 Fringe benefit tax 4,600 30.06.20

Final dividend declared for 2019/20 9,000 30.06.20

PAYG instalment payable for June quarter 2019/20 3,500

The company bench mark percentage is 80%. Taxable income of the company for the 2019/20 tax year was $90,000.

The franking deficit tax paid on 7 July was applied against the 2018/19 tax liability (FDT).

Required -

1. Prepare the franking account of Exemplar Pty Ltd for the 2019/20 franking year.

2. Calculate the company net tax payable/refundable for 2019/20.

Reference no: EM132737383

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