Dividends Received Lindsey owns shares in several Australian listed public companies in his own name (tax rate 30%). Dur

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Dividends
Received
Lindsey owns shares in several Australian listed public companies
in his own name (tax rate 30%). During the 2021 income year,
Lindsey received the following dividends:
Name of Company
Unfranked
Franked
Franking Percentage attached to Franked
Dividends
2. Bank of
Queensland
3. Coles
Group
4. Firefinch
(see below)
5. Highfield
Resources
6. Medibank
Private
7. Qantas
Airways
8. Woodside
Petroleum
-
$80
-
$106 (a)
No cash (b)
$120
-
-
$630
$240
$160
-
-
$370
$125
$940
100%
60%
75%
-
-
100%
80%
100%
Please note that all
Australian dividends shown in the table have been taxed at
30%, not 26%.
(a) Firefinch
Limited Dividend:
Lindsey owns 10,000 shares in Firefinch Limited. In March 2021, the
company announced payment of an unfranked dividend of 2.00 cents
per share which entitled Lindsey to a total unfranked dividend
amount of $200.
However, Lindsey once again forgot to
quote his tax file number (TFN) to the share registry and the share
registry consequently deducted 47% (or $94) in TFN withholding tax
in respect of this dividend and paid Lindsey just the net amount of
$106.
This net amount of $106 was paid into
Lindsey’s bank account on 13 April 2021.
(b) Highfield
Resources Limited Dividend:
Lindsey owns 20,000 shares in Highfield Resources Limited. In
October 2020, the company announced an unfranked dividend of 4.00
cents per share which entitled Lindsey to a dividend of $800
(unfranked). However, instead of receiving the cash dividend,
Lindsey elected to apply this amount under the company’s dividend
reinvestment scheme so that he received an additional 1,000 shares
in the company.
On the date the dividend was declared, the share price of the
company was $0.80 per share. Hence, instead of taking the $800 cash
dividend (which would have been unfranked), Lindsey elected to
receive an additional 1,000 shares in the company.
Calculate the assessable
income