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Mr. George is a businessman. He earns $7500 from his company. This is not the net income since after deduction of all expenses for the company, his net income is $6200. He has to pay the income tax and the company tax on the basis of his net income. The percentage of tax, which he has to pay, is decided by the finance department of the government. Now, at the end of the year, when he has to submit his tax to the government, he has to produce all his financial statements such as his income statement, cash flow statement and his balance sheet. On the basis of all these documents, the percentage of taxation would be decided. If he fails to produce the documents or pay his taxes, he can be fined or sent to jail by the tax authorities on charges of tax evasion.
In 1982, Billy Jones purchased eight hectares of land for a strawberry farm at the cost of $320,000. By 1989, another two hectares of land was brought for $40,000. Cost included a stamp duty of $800 and legal fees of $1600. However due to a crop failure, Billy decided to sell his land. Since he could not find a buyer who would buy his whole property, he decided to sell the land by sub-division. He had to spend an additional amount of $160,000 on sub-division. He finally sold the land in July 2011 for $700,000. The contract provided that half of the money would be payable after settlement and the remaining on March 31, 2012. The outstanding balance would accrue at the interest of 10 percent per annum. Agent’s commission would be $12,000 and legal fees would be $2,400. Give Billy’s tax advice for the financial year of 2011-12.
Cost of land: $40,000
Stamp Duty: $800
Legal Fees: $1600
Sub-division expenses and cost of disposal: $160,000
Agent’s commission: $12,000
Legal fee: $2400.
Out of these 20 percent is applicable to the taxable area of land, so a total of $77,280 is calculated as cost base.
Next we need to determine capital gains. Capital gains refer to the excess of the sale value over cost base.
Sale value: (20 percent of $700,000) = $140,000
Cost base: $77,280
Capital gains: Sale value – cost base = $62,720
However, since Billy has held the new block of land for more than a year, he can discount 50 percent of the capital gains. So the actual capital gains would be 50 percent of $62,720 = $31,360.
Besides capital gains, there is another source of income which is taxable. Billy had entered into a sale agreement on the condition that the settlement of the money would be made on October 12, 2011, the date on which the sale deed would become effective. The outstanding balance would attract an interest of 10 percent p.a. The interest amount received on such a transaction must be shown under the other income of Billy.
Total amount of sale = $700,000
1st installment = $350,000 dollars
2nd installment = $350,000 dollars which attracts an interest of 10 percent p.a. for a period of 5 months 19 days.
Amount taxable = $16,440
Total number of days which accrues interest = $171
Total number of days in a year = $365
So taxable interest = 35,000/365 x 171 = $16,400.
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