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| Part B – Answer to Q 6 | ||||
| Note- Please show all workings where necessary and you may use additional space below | ||||
| Please write your workings/explanations and answers in Blue cells | ||||
| Tax Payable (Refundable) | ||||
| (a) Franking account | ||||
| Date | Transaction | Debit | Credit | Balance |
| 2018-07-01 | Balance Brought Forward | 8,500 | ||
| 2018-07-15 | Payment of Fully Franked Dividend | 15,000 | (6,500) | |
| 2019-01-15 | Payment of Fully Franked Dividend | 15,000 | (21,500) | |
| 2019-06-20 | Payment of Unfraked Dividend | 21,000 | (42,500) | |
| 2019-06-30 | Closing Balance | (42,500) | ||
| (b) How much (if any) franking deficit tax will be payable by Browns? | ||||
| Franking Deficit payable by Browns is 42500 | ||||
| (c) How much of the franking deficit tax can be used to offset future tax liabilities (show calculation below) | ||||
| Date | Transaction | Debit | Credit | Balance |
| 2019-06-30 | Franking Defecit Tax Offset (30% of 42,500) | 12,750 | ||
| Brown can use 30% of FDT offset to reduce future tax liabilities | 12,750 |
Email Sub: –
Signature on the Tax Return 2019 Dear Helen, According to the telephonic conversation between Me (Lynn James), Mattew and You (Helen), it was decided that for the financial year 2019 the partnership tax return, filled the concern point of contact for our organisation Boat Hire will be you (Helen). Thereby, kindly sign the in respective column of point of contact in the attached below partnership tax return for the financial year 2019. Also check all the information stated in the columns is correct. Once done kindly send the signed attached through mail so that the same can sent to the ATO for filling the lodgement.
Thanks
Lynn James Partner Boat Hire Attachment –
Partnership Tax Return 2019.
