LPG Pty Ltd is a base rate entity (the lower 27.5% company tax rate applies)....
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Accounting
LPG Pty Ltd is a base rate entity (the lower 27.5% company tax rate applies). LPG Pty Ltd has after-tax profits of $100,000 available for distribution to its shareholders during the 2018/19 tax year. On 3rd February 2019, LPG decided to pay $50,000 frankable distribution (after-tax profit) to its shareholders. Assuming that LPG Pty Ltd is a base rate entity for the 2018/19 year, advise LPG of the maximum franking credit that it could attach to the distribution.
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