CFC Pty Ltd (‘the company’) recorded the following transactions in relation to its franking account: - 1 July 2020 – The company had an opening balance of $43,000 (credit) - 6 September 2020 – The company received a fully franked dividend of $52,000 - 2 October 2020 – The company paid an income tax instalment of $34,000 to the ATO - 11 November 2020 – Received a tax refund of $19,000 from the ATO Required: Calculate CFC Pty Ltd’s franking account closing balance on 30 June 2021

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.