The following information is provided by Exemplar Pty Ltd (tax rate 30%). Date Transaction Amount…

The following information is provided by Exemplar Pty Ltd (tax rate 30%). Date Transaction Amount ($) 07.07.19 Franking deficit tax relating to 2018/19 7,000 28.07.19 PAYG instalment paid for June quarter 2018/19 13,000 30.09.19 Paid final dividend from 2018/19 – 80% franked 14,000 25.10.19 PAYG instalment paid for Sep quarter 2019/20 3,500 28.10.19 Refund of net tax from 2018/19 income tax return 12,500 15.12.19 Received fully franked dividend 7,000 28.02.20 PAYG instalment paid for Dec quarter 2019/20 3,500 15.03.20 Paid interim dividend – fully franked 14,000 28.04.20 PAYG instalment paid for March quarter 2019/20 3,500 30.05.20 Paid 2019/20 Fringe benefit tax 4,600 30.06.20 Final dividend declared for 2019/20 9,000 30.06.20 PAYG instalment payable for June quarter 2019/20 3,500 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  

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