Calculate ABM Ltd's tax payable or refundable
Chapter2: The Domestic And International Financial Marketplace
Section2.A: Taxes
Problem 2P
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On 30 June 2022, ABM Ltd (an Australian resident company) recorded sales income of $40,000 and had allowable deductions of $36,000.
It also received a dividend of $20,000 that was franked to 80%.
Required: Calculate ABM Ltd's tax payable or refundable. Show all calculations.
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