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During the year ended 30 June 2020 XYZ Pty Limited, a resident Australian private company,...

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Accounting

During the year ended 30 June 2020 XYZ Pty Limited, a resident Australian private company, received interest income of $3,850 and a franked dividend of $7,700 with $3,300 of attached franking credits. XYZ Pty Limited had allowable interest deductions of $4,725. The tax rate for XYZ Ltd is 30%. Required: What will XYZ Pty Limiteds net tax to pay or its refund be? All calculations must be shown as well as relevant legislation.

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