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Question - Alan is an employee at ABC Pty Ltd (ABC). He has negotiated the following remuneration package with ABC:
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 2016. Assume that ABC would be entitled to input tax credits in relation to any GST-inclusive 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 end-of-year dinner?
What amount of property tax revenue could the county report in its government-wide statements for 2012 and 2013? Describe.
Because of ill health Fred returns to the UK 11 months after arriving in Australia. Discuss residency and source issues.
Compute maximum 2014 depreciation deductions including §179 expense (ignoring bonus depreciation). Compute maximum 2015 depreciation deductions including §179 expense (ignoring bonus depreciation).
The cost model is applied to all items of property, plant and equipment and a nominal pre-tax discount rate of 9,3% per annum applies where relevant and interest is compounded annually.
Tax Accounting- Johan (age 34) and Pearl (age 31) Bear are married and file a joint tax return- Their Social Security numbers are listed below:
question independence is taken the cornerstone of the accounting profession. in relation to the audit the auditor could
How much income is each beneficiary entitled to receive? How much gross income is reported by each of the beneficiaries?
Calculate tax liability.
Determine the Income tax payable currently, Deferred tax asset - balance at year-end, Deferred tax asset change dr or for the year and Deferred tax liability - balance at year-end.
Assume a tax rate of 40% and a discount rate of 14%. If this machine can be sold for $15,000 at the end of year 7, what is the after tax salvage value?
There are two recovery period classifications for real property. What reasons might Congress have to allow residential real estate a shorter recovery period than nonresidential real property?
Explain Congress's rationale for depreciation recapture. Compare and contrast §1245 recapture and §1250 recapture. Why is depreciation recapture not required when assets are sold at a loss?
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