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Required: Advise Jake of the tax payable due to the receipt of the dividends. ...

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Accounting

Required: Advise Jake of the tax payable due to the receipt of the dividends.

Jake receives the following dividends on 1 August 2020:

  • $8000, fully franked from ABC Ltd.
  • $3000, 50% franked, from DEF Ltd.

Jakes is on the top (45%) marginal tax rate. Ignoring Medicare Levy, calculate the impact of the dividends on Jakes tax liability.

subject principles of income tax

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