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 3^rd 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