Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Question 1 Jack and Jill jointly own and run a bed and breakfast business. The business is run through their partnership, J & J Bed and Breakfast. Jack and Jill also own an investment property together which they purchased in equal proportions. During the year, they undertook the following transactions: • Purchased furniture for their bed and breakfast business for $3,000 on 21 December 2014. The furniture is expected to last for seven years. • Purchased a printer for their bed and breakfast business for $700 on 30 April 2015. The machine is expected to last for three years. • Purchased an air-conditioner for their investment property for $2,000 on 15 March 2015. The air-conditioner is expected to last for eight years. Jack and Jill contributed to the purchase price of the air-conditioner equally. Advise Jack and Jill of their income tax consequences arising out of the above information under both the diminishing value method and the prime cost method (if relevant) for the year ended 30 June 2015. Assume that the business does not qualify as a small business entity. Question 2 Alan is an employee at ABC Pty Ltd (ABC). He has negotiated the following remuneration package with ABC: • salary of $300,000; • Payment of Alan's mobile phone bill ($220 per month, including GST). Alan is under a two-year contract whereby he is required to pay a fixed sum each month for unlimited usage of his phone. Alan uses the phone for work-related purposes only; • Payment of Alan's children's school fees ($20,000 per year). The school fees are GST free. ABC also provided Alan with the latest mobile phone handset, which cost $2,000 (including GST). At the end of the year ABC hosted a dinner at a local Thai restaurant for all 20 employees and their partners. The total cost of the dinner was $6,600 including GST. (a) Advise ABC of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2015. Assume that ABC would be entitled to input tax credits in relation to any GSTinclusive acquisitions. (b) How would your answer to (a) differ if ABC only had 5 employees? (c) How would your answer to (a) differ if clients of ABC also attended the endofyear
the michelle cook law firm uses a client database. assume michelle cook paid 5000 for a computer.requirements1. explain
What the differences between Ordinary Income and Statutory income and clarify what Capital Gains and CGT.
Robert and Lori (Robert’s sister) own all of the stock in Swan Corporation (E & P of $1 million). Each owns 500 shares and has a basis of $85,000 in the shares.
1. as you read make notes in the margin with a pencil about which forms to use anything you remember about the
Which of the following creates a permanent difference between financial income and taxable income?
Determine whether each of the transactions is taxable. If a transaction is not taxable, indicate what type of reorganization is affected,
The next $53,300 in taxable income is taxed at 15 percent, and 25 percent applies to the next $72,000 and what is Harold and Wandas tax
What general business factors should be considered when choosing between the branch and subsidiary forms of doing business in the United States - determine which transfer pricing methods applies and compute a transfer price using the appropriate me..
your business tax client mimi charpentier operates a successful sole proprietorship which sells cupcakes to retail
Write a report to Hanson based on the information above. Your report should include the chargablilty of Hanson and his wife Juliana Kaur. You are also required to explain in your report the each stages taken to obtain the chargeable income.
Evaluate what amount of dividends must the company pay the preferred shareholders in 2009 if they wish to pay the common stockholders a dividend?
Explain about GST and why most people of Malaysia are not in favor of GST. Discuss your answers.
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd