Antiques Pty Lid made three frankable distributions during the 2020/2021 franking period as follows: * December 2020: $200,000 which is franked to 50% * April 2021: $240,000 which is franked to 50%, and * June 2021: $230,000 which is franked to 80%. Required 3) Advise Antiques Lid of their benchmark franking percentage ( b) Determine the tax consequences for the distributions paid during the 2020/2021 franking period including any extra taves paid and any adjustments to the franking account.
Antiques Pty Lid made three frankable distributions during the 2020/2021 franking period as follows: * December 2020: $200,000 which is franked to 50% * April 2021: $240,000 which is franked to 50%, and * June 2021: $230,000 which is franked to 80%. Required 3) Advise Antiques Lid of their benchmark franking percentage ( b) Determine the tax consequences for the distributions paid during the 2020/2021 franking period including any extra taves paid and any adjustments to the franking account.
Chapter7: Tax Credits
Section: Chapter Questions
Problem 16P
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Antiques Pty Lid made three frankable distributions during the 2020/2021 franking period as follows:
* December 2020: $200,000 which is franked to 50%
* April 2021: $240,000 which is franked to 50%, and
* June 2021: $230,000 which is franked to 80%.
Required
3) Advise Antiques Lid of their benchmark franking percentage (
b) Determine the tax consequences for the distributions paid during the 2020/2021 franking period including any extra taves paid and any adjustments to the franking account.
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