Waterworks is not base rate entity

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Reference no: EM133573780

Question

On 1 September 2021, Waterworks Pty Ltd made its first frankable distribution to its shareholders for the 2021/22 tax year. This amounted to $160,000. Waterworks wants to pass on a $60,000 franking credit to its shareholders for this distribution.

Assuming that Waterworks is not a base rate entity for the 2021/22 tax 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: EM133573780

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