The following information is provided by Exemplar Pty Ltd (tax rate 30%).
The company bench mark percentage is 80%. Taxable income of the company for the 2019/20 tax year was $90,000. The franking deficit tax paid on 7 July was applied against the 2018/19 tax liability (FDT).
Required
Prepare the franking account of Exemplar Pty Ltd for the 2019/20 franking year. Calculate the company net tax payable/refundable for 2019/20