Solution-Create the franking account with explanations

Create the franking account with explanations

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Reference no: EM132847091

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% $380,000

Required -

a) Create the franking account with explanations.

b) Explain any further taxes for which the Company might be liable.

Reference no: EM132847091

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Create the franking account with explanations

Reference no: EM132847091

Reference no: EM132847091

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