During the 2019-20 tax year, Top Shelf Services Pty Ltd (which is not a base rate entity and which accounts on a cash basis) received payments from customers of $340,000. The company made payments for various business operating expenses (not of a capital nature) of $210,000. The company also received a fully franked dividend of $70,000 and had paid PAYG instalments for the 2019-20 year of $45,000. Assuming it has no other income or deductions, would Top Shelf Services Pty Ltd have further tax to pay or could it expect to receive a tax refund for the 2019-20 tax year?

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The Answer of During the 2019-20 tax year, Top Shelf Services Pty Ltd (which is not a base rate entity and which accounts on a cash basis) received payments from customers of $340,000. The company made payments for various business operating expenses (not of a capital nature) of $210,000. The company also received a fully franked dividend of $70,000 and had paid PAYG instalments for the 2019-20 year of $45,000. Assuming it has no other income or deductions, would Top Shelf Services Pty Ltd have further tax to pay or could it expect to receive a tax refund for the 2019-20 tax year?

During the 2019-20 Tax Year, Top Shelf Services Pty Ltd