solution to Calculate the net tax payable/ refundable situation for Green Pty Ltd, accounting homework help
Green Pty Ltd is a resident gardening company registered with the following information:
TFN: 859 376 213
ABN: 79 512 647 864
ACN: 86 572 314 719
The following is the financial information for the year ended 30 June 2017.
GST (where it is applicable) has not been removed from the following amounts.
Depreciation (for tax purposes) was reported to be $5,500 for the current year.
Income:
|
Sales |
345,000 |
|
Exempt income |
10,000 |
|
Dividends (fully franked) |
10,260 |
|
Interest received |
900 |
|
Compensation from a client who failed in a legal suit to obtain damages from Green Pty td for alleged property damage. |
4,000 |
|
Net capital gain |
4,000 |
Expenses:
|
Advertising (print, net, signage, flyers) |
1,000 |
|
Bad debts |
900 |
|
Bank Charges |
150 |
|
Capital expenditure (qualifies for immediate deduction) |
3,000 |
|
Cost of sales |
6,000 |
|
Sub-contractor expenses |
23,000 |
|
Depreciation expenses |
2,000 |
|
Electricity |
800 |
|
Entertainment |
2,000 |
|
Environmental protection (disposal of chemicals) |
600 |
|
Fines (speeding and parking tickets) |
500 |
|
Insurance |
600 |
|
Interest expenses within Australia |
1,200 |
|
Lease expenses within Australia |
4,000 |
|
Motor Vehicle 3rd Party insurance |
550 |
|
Motor Vehicle expenses (petrol & maintenance) |
4,000 |
|
Motor Vehicle Registration |
1,200 |
|
Rent expenses |
11,800 |
|
Stationery & Office supplies |
200 |
|
Tea, coffee, sugar & milk for staff use |
100 |
|
Telstra (Phones & Internet) |
2,000 |
|
Wages |
45,000 |
Required:
|
Task # |
Task Description |
Marks |
|
1 |
Calculate the net tax payable/ refundable situation for Green Pty Ltd (include references, calculations & assumptions) |
20 |
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