Franking CreditJean - Jean Johnson Law Case Study Assessment Answer

Law Assessment Task

Accordingly, below is a suggested format with some examples pertaining to Jean Johnson. All students must include the following content in their report:IssueLaw and ReasonsAmount ($)All references to legislation pertain to the ITAA 1997, unless otherwise stipulated.Gross up of BHP Dividend incomeThe fully franked dividends paid by a resident company (non-base rate entity) are grossed up, to also be included as assessable income - $14,000 X 30/70s 202-5 and s 207-20(1).6,000Not examinableTax offsetBHP Franking CreditJean is entitled to a a tax offset for the income year in which the distribution is made. s 207-20(2)The tax offset is equal to the franking credit on the distribution. s 205-156,000Not examinableSee this post in context

The allocation process is over and your group has a week only to go before you submit your assignment.  

Please note that your assignment is to be marked out of 40 marks, 34 marks pertaining to part 1 regarding taxable income and 6 marks for part 2 regarding the tax liability calculation.The assessment component remains unchanged and counts.

Based on student queries, I thought that it might be helpful to provide you an example of a suggested report format.

In addition, you will recall that Jean Johnson had received some dividends from BHP.  While some of you already know that franked dividends are grossed up and included as assessable income with an accompanying  franking tax offset (s 207-5 ITAA 1997), all of you will be clear about  this when we cover the topic in week 11.  Apologies for including such matters out of scope..

Accordingly, below is a suggested format with some examples pertaining to Jean Johnson. 

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