Part A Assume a corporate tax rate of 30%. Consider the following… Part AAssume a corporate tax rate of 30%. Consider the following situations and advisewhether it will be a franking credit or franking debit entry – and the amount of thatentry.? A company pays income tax of $300? A company paid a $35,000 cash dividend franked to 80%? A company pays a PAYG instalment of $600? A company receives a dividend of $700 which has a franking percentage of10%[4 x 2 = 8]Part BLeo is a resident individual shareholder in the following scenarios.1. Leo receives a distribution of $1,000 from Xtra, a resident public company,carrying an imputation credit of $400.2. Leo receives an unfranked distribution of $2,000 from LessR, a non-residentlisted company.Required:a) Advise what amounts will be included in his assessable income and what, if any,franking rebates would be available to him in these scenarios [4 + 4 = 8]Click or tap here to enter .b) Would your answer be different if the shareholder “Leo” was a resident privatecompany- Leo Pty Ltd- rather than a resident individual? [4]LawSocial ScienceTax law BULAW 3731

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