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Herringbone Pty Ltd is a resident private company. The following information has been extracted from its financial records for the year ended 30 June 2015: $ Net operating profit 800,000 Distribution from an Australian subsidiary company - 20% franked 100,000 A portfolio dividend received from a UK company after deducting withholding tax 4,250 Distribution from a resident public company - 60% franked 10,000 Distribution from a resident private company - 70% franked 7,000 For the 2014/15 tax year, it paid instalments of tax under the PAYG system as follows: • July 2014: $110,000 • October 2014: $120,000 • February 2015: $125,000 • April 2015: $130,000 Herringbone Pty Ltd paid a fully franked distribution of $800,000 to its shareholders. As at 1 July 2014, Herringbone Pty Ltd had a surplus of $14,000 in its franking account.
REQUIRED:
i. Calculate the tax payable by Herringbone Pty Ltd for the tax year ended 30 June 2015. (Please show all workings) (7 marks)
ii. Prepare the company's franking account for the year ended 30 June 2015. (Please show all workings) (6 marks)
