$20 Bonus + 25% OFF
$20 Bonus + 25% OFF
Securing Higher Grades Costing Your Pocket? Book Your Assignment at The Lowest Price Now!
Add File

Error goes here

LEGL300 Taxation Law

tag 0 Download7 Pages / 1,591 Words tag Add in library Click this icon and make it bookmark in your library to refer it later. GOT IT

Question:

Question 1
Racing Parts Pty. Ltd. is an Australian Resident Private Company for tax purposes and a small business entity for tax purposes. The company has provided the following informationfor the year ended 30 June 2018. It carries on the business of being a motor parts distributor in Brisbane.

The company's accounting net profit is $700,000. In calculating the accounting net profit the following items were taken into consideration:

1. The accounting net profit includes $100,000 of net exempt income and $50,000 of nonassessable non-exempt income.
2. The accounting depreciation deduction included in the net accounting profit was $20,000. The company’s tax depreciation for the income year was $30,000.

3. On 2 July 2017, the company wrote-off a debt of $20,000 from a customer who had purchased trading stock on credit. The relevant customer was declared bankrupt on 26 June 2017. The accounting net profit had not included a deduction in respect this bad debt but had included a deduction of $40,000 as a provision for doubtful debts.

4. The accounting net profit also included a deduction for a Provision for Long Service Leave of $35,000. The provision included: $25,000 in respect of employee, Sashi, who had completed the required 10 years of employment to qualify for long service leave. He had requested and been granted  approval to take long service leave in October 2018. The company arranged to pay Sashi when he took long service leave; and $10,000 that had been paid to employee Wei Fei, when she took long service leave on 30 June 2018. 

5. A cash dividend of $50,000 (partially franked to 50%) was received from an Australian resident public company. The cash dividend was not included in the accounting net profit figure.

6. The accounting net profit included a deduction for borrowing costs of $5,000 incurred in relation to a bank loan of $100,000 that was used to purchase new items of plant. The loan is for a period of 6 years and commenced on 1 January 2018.

7. The company donated a $5,000 painting to a local University in Far North Queensland. The company had purchased the painting in 2016. The company also made a gift of $1,000 to the Brisbane Roar Soccer Club. These gifts were claimed as expenses in the accounting profit and loss statement.
 
8. The accounting net profit included a capital gain of $30,000 made on shares sold on 30 June 2018 that had been purchased 13 months earlier. The company also made a capital loss of $10,000 from the sale of another parcel of shares it sold on 30 May 2018. The company also sold an antique vase for a capital loss of $10,000. The company had owned the shares and antique for 5 years. Neither the capital gain nor the capital losses, were included in the net accounting profit.
 
9. The accounting net profit included a deduction for the services of the Managing Director’s husband, Sebastian, who received $30,000 from the company for services rendered as a computer analyst over a 2 week period. Independent consultants had quoted $8,000 for the same task. 
Download Sample Now

Earn back the money you have spent on the downloaded sample by uploading a unique assignment/study material/research material you have. After we assess the authenticity of the uploaded content, you will get 100% money back in your wallet within 7 days.

Upload
Unique Document

Document
Under Evaluation

Get Money
into Your Wallet

Total 7 pages, 1 USD Per Page

Cite This Work

To export a reference to this article please select a referencing stye below:

My Assignment Help (2021) Taxation Law [Online]. Available from: https://myassignmenthelp.com/free-samples/legl300-taxation-law/colleen-mortimer-and-dale-pinto.html
[Accessed 11 April 2021].

My Assignment Help. 'Taxation Law' (My Assignment Help, 2021) <https://myassignmenthelp.com/free-samples/legl300-taxation-law/colleen-mortimer-and-dale-pinto.html> accessed 11 April 2021.

My Assignment Help. Taxation Law [Internet]. My Assignment Help. 2021 [cited 11 April 2021]. Available from: https://myassignmenthelp.com/free-samples/legl300-taxation-law/colleen-mortimer-and-dale-pinto.html.


MyAssignmenthelp.com comprises of team of Phd experts who can aid in any mathematical assignment. They help students create strong mathematical fundamentals.Through well crafted assignments, they inculcate analytical and logical skills in students. The expert team strongly believes that great maths solver cant be formed under assignment pressure and tight deadlines.

Latest Management Samples

COM00207 Communication In Organisations

Download : 0 | Pages : 5

Answer: Communication is the passing of information from a source (sender) to destination (receiver) who receives the message and decodes it to get the meaning of the message (Khalighi and Uysal 2014, pp.2231). Communication is a necessity in our lives as life would be meaningless without communication.in our daily lives, communication is all around us. It may be in the form of what we hear, see or even what we depict. Communication takes vari...

Read More arrow

BCOM 301 Business Communications

Download : 0 | Pages : 3

Answer: Social media has several advantages and disadvantages that are faced by companies when they try to approach any new country. The social media usage and access is different in every country and every organisation must have a good understanding of the factors which create an impact on the social media usage. China and Mexico have different exposures to social media which makes the approach of the company different. China has no exposure ...

Read More arrow

SPT 501 Research Methods In Sport Management

Download : 0 | Pages : 3

Answer Ethical Considerations There needs to be proper ethical considerations when conducting any studies that involve human subjects. The involvement of human subjects in studies calls for much ethical considerations to ensure that there are no issues that may arise from the study. All human subjects in any study have to be handled with much care to ensure that the research is a success and that it does not bring about ethical issues. Much e...

Read More arrow

PY3002 Biology

Download : 0 | Pages : 4

Answer: Introduction The animal cell is the smallest unit of an organism. Animals have different types of cell structures and cell components. These cell structures are observed and studied using cell biology techniques. These techniques include microscope, staining techniques and Cell fractionation (Gennis, 2013, p6). A microscope varies from each other with different sizes and it’s appropriate. The two common microscopes utilized in ...

Read More arrow

BIT355 Business Intelligence Assignment

Download : 0 | Pages : 4

Answer: Introduction This report represents seven case studies, to understand the business value with the help of BI (Business Intelligence) tools, methods and techniques. All the seven case studies will be analyzed and the types of problems and evaluated decision will be summarized; how the BI tool addressed the business issues will be discussed and the used BI tool, methods and techniques to add value to the business will be ident...

Read More arrow
Next

Save Time & improve Grade

Just share requirement and get customized Solution.

watch
question
We will use e-mail only for:

arrow Communication regarding your orders

arrow To send you invoices, and other billing info

arrow To provide you with information of offers and other benefits

Add File

Error goes here

1,641,209

Orders

4.9/5

Overall Rating

5,120

Experts

Our Amazing Features

delivery

On Time Delivery

Our writers make sure that all orders are submitted, prior to the deadline.

work

Plagiarism Free Work

Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.

time

24 X 7 Live Help

Feel free to contact our assignment writing services any time via phone, email or live chat. If you are unable to calculate word count online, ask our customer executives.

subject

Services For All Subjects

Our writers can provide you professional writing assistance on any subject at any level.

price

Best Price Guarantee

Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.

Our Experts

Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1265 Order Completed

97% Response Time

James Cook

Masters in Management

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

134 Order Completed

95% Response Time

Thomas Nelson

MS in Information Systems Technology with Specialization in Database Administration

New Jersey, United States

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

1692 Order Completed

98% Response Time

Alfred Dodd

PhD in Computer and Information Science with specialization in Database

Wellington, New Zealand

Hire Me
Assignment writing guide
student rating student rating student rating student rating student rating 5/5

752 Order Completed

100% Response Time

Hugh Cleave

Masters in Human Resource Management (MMgt, HRM)

Wellington, New Zealand

Hire Me

FREE Tools

plagiarism

Plagiarism Checker

Get all your documents checked for plagiarism or duplicacy with us.

essay

Essay Typer

Get different kinds of essays typed in minutes with clicks.

edit

GPA Calculator

Calculate your semester grades and cumulative GPa with our GPA Calculator.

referencing

Chemical Equation Balancer

Balance any chemical equation in minutes just by entering the formula.

calculator

Word Counter & Page Calculator

Calculate the number of words and number of pages of all your academic documents.

Refer Just 5 Friends to Earn More than $2000

Check your estimated earning as per your ability

1

1

1

Your Approx Earning

Live Review

Our Mission Client Satisfaction

Omg they’re doing very good I got 100 from 100 ???? thank you so much for your help you saved me

flag

User Id: 534789 - 10 Apr 2021

Australia

student rating student rating student rating student rating student rating

the writer did a good job but live chat is not working for my exam, so it waste some time

flag

User Id: 663960 - 10 Apr 2021

Australia

student rating student rating student rating student rating student rating

This solutions has been escalated & reworked 4 time, and has cause me lots of delays and time to submitting my final work to my professor. I hope this does not happen again. I am your regular and loyal customer, please do not do this again. I am ...

flag

User Id: 333156 - 10 Apr 2021

Australia

student rating student rating student rating student rating student rating

Excellent work ..I will keep in touch with my future work. Really appreciate all your effort . So far so good. thanks again.

flag

User Id: 573225 - 10 Apr 2021

Australia

student rating student rating student rating student rating student rating

Order on the go!

Say hello to our new app

callback request mobile
Have any Query?