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ACCT6005 Taxation Law And Practice

tag 0 Download 8 Pages / 1,902 Words tag 28-06-2021


Brian Pert owns Bronny Park, a horse-racing stable that is registered for GST. The customers purchase horses and send them to Bronny Park for training. The horse owners (customers) pay separate fees for training and agistment plus 50% of any prize money earned by the horses trained at the stable. Bronny Park also owns horses. During the June 2018 quarter they reported the following transactions:

Receipts (inclusive of GST where appropriate):

Training fees


Share of prize money from customers’ horses


Prize money from Bronny Park horses


Trophy from Brisbane Cup won by a Bronny Park owned horse


Trade-in of tractor previously used on the property


Hay and saddle blankets donated to local pony club (market value $100)


Expenses (inclusive of GST where appropriate):

Horse feed


Veterinary fees


Farrier (not registered for GST)


Accommodation for staff at race meetings (Hotel)


Lunch at local restaurant*


Airfares for staff to attend race meetings**


Bookkeeping services


First Aid courses for staff members


New tractor


Business loan repayment (interest $750, principle $275)


Lunch at the local restaurant was for Brian, the owner of Bronny Park, and three customers whose horses are being trained at the stable. For income tax purposes this amount would be classified as entertainment and a deduction would be denied under s32-5 ITAA97.

During the period Bronny Park paid for air fares for staff to attend a race meeting in Sydney where one of their prize horses was running. The horse incurred an injury a week before the race and did not run. Consequently, the staff did not attend that race meeting and $1,100 of the airfares mentioned above were not used. The airline did not refund this amount.

Bronny Park also imported saddles and other leather goods from Europe. The cost of the goods was $4,500 and the freight was $250 (Australian Dollars). The supplier in Europe did not charge GST on these goods.

Salaries & Wages:

Bronny Park employs 6 strappers. They are paid weekly. All employees are entitled to the tax-free threshold.

Sarah, Lauren, Marty, & Paul are all permanent employees. Their weekly pay is based on an annual salary: and paid salaries.  Annual salaries are:

  • Sarah: $52,000
  • Lauren: $18,720
  • Marty: $72,800
  • Paul: $28,600

Kris and Sam are casual employees and their weekly wage is based on the hours they work. Their work hours are set out in the table below.


Kris $15/hour

Sam $22/hour

Week 1 – April



Week 2 – April



Week 3 – April



Week 4 - April



Week 5 – May



Week 6 – May



Week 7 – May



Week 8 – May



Week 9 – May



Week 10 – June



Week 11 – June



Week 12 – June



Week 13 - June



Business Activity Statement:

The ATO has advised that Brian Pert, as the business owner, has a quarterly income tax instalment of $16,790. This amount is payable along with other liabilities on his June Quarter BAS.

In the last FBT year Fringe Benefits were provided to the head strapper.  There is a FBT instalment showing on the BAS of $2,500. No Fringe Benefits have been provided in the current FBT year.

There are no liabilities for WET or LCT, and no fuel credits.


a) Prepare the schedule of payroll information for wages paid, including PAYG withholding deductions, and net wages for each employee by week.
b) Calculate the employer’s statutory Superannuation Guarantee obligations for each employee for the quarter. 
c) Explain and classify each transaction item listed, including wages and superannuation, by the type of GST supply, and calculate any GST included in the price.
d) Discuss what conditions need to be met before Bronny Parkcan claim input tax credits in relation to the expenses listed? Explain whether each of the acquisitions is a creditable acquisition. 
e) Prepare a fully labelled Business Activity Statement for the quarter ended 30 June 2018. 
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