Question

Edward Smith, an Australian resident individual, received the following cash dividends:
• $246,720 (franked to 50%) from XYZ Ltd on 1 February 2019;
• $14,000 (unfranked) from ABC Ltd on 1 March 2019;
• $4,900 (fully franked) from DEF Ltd on 1 May 2019
Required:
What is his assessable income (rounded to the nearest dollar)?

Answer 1

Imputation Credit:

• $246,720*\frac{30}{70}*0.5=52,869$
• $14,000*\frac{30}{70}*0=0$
• $4,900*\frac{30}{70}*1=2,100$

Total: $246,720+52,869+14,000+0+4,900+2,100=320,589$