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QUESTION 4.40 (Franking Account- Comprehensive) Simple Pty Ltd, a corporate tax entity, has the following transactions for the 2016/17 tax year: Date 30/06/16 12/07/16 Transaction Debit Balance Franking Deficit Tax Paid (from 2015/16 franking account) PAYG tax instalment Received Fully Franked Dividend PAYG tax instalment Refund of 2015/16 company tax Paid 80% Franked Dividend Received Dividend from South Africa ($3,000 tax withheld) Paid Unfranked Dividend 4,200 4,200 21/07/16 20/08/16 15/10/16 01/12/16 15/01/17 19/02/17 5,900 20,650 5,900 11,000 13,300 7,000 7,750 15/04/17 Note-the benchmark franking percentage is 80%. The ATO has not been notified of any variation. t Cor the 2016/17 tax year.

Explanation / Answer

Dr FRANKING A/c Cr Date Particulars Amount Date Particulars Amount 30-06-2016 To balance b/d 4200 12-07-2016 By Franking Deficit Tax Paid 4200 01-12-2016 To Tax Refund 11000 21-07-2016 BY PAYG Tax Installment 5900 15-01-2017 To Franked Dividend paid 13300 20-08-2016 By Fully Franked Dividend 20650 To balance c/d 11150 15-10-2016 BY PAYG Tax Installment 5900 19-02-2017 BY Dividend received 3000 Total 39650 Total 39650

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