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LEGL300 Taxation Law

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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. 
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