TAX305 Taxation Law New Assignment Sample
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Calculation of net partnership income for the partnership for the year ended 30 June 2017
| Income statement | ||
| Particular | Amount | Amount |
| Gross receipts from trading | 19,00,000 | 19,00,000 |
| Dividend Receipt from BHP | 10,500 | 10,500 |
| Capital receive with the sale of shares | 20000 | 20000 |
| Interest receipt from Bank of China | 11,250 | |
| withheld AUD $1,250 from the gross interest | 1250 | 10,000 |
| Total income | 19,40,500 | |
| EXPENSES | ||
| Mary salary | 40,000 | |
| Mary paid to Interest on loan of funds | 10,000 | |
| salary to employees | 2,50,000 | |
| Power and Rent | 60,000 | |
| trading stock purchase (mention in note (v) below) | 3,20,000 | |
| Trading stock loss | 130000 | |
| Superannuation paid to staff | 85,500 | |
| Superannuation paid on behalf of Mary | 25,000 | |
| Superannuation paid on behalf of Sally | 25,000 | |
| Treadmill and Exercise Bikes Purchases (see note (vii) below) | 1,80,000 | |
| Add: GST | 18000 | |
| less: Interest on bank overdraft | 18,623 | 1,98,000 |
| Provision for long service leave (see note (viii) below) | 25,984 | |
| Less: Long service leave | 13057 | |
| provision for bed dept | 67,000 | 12,927 |
| Less: bed debts | 36849 | |
| Total expenses | 12,05,201 | |
| Profit = Total Income – Total Expenses | ||
| Profit | 7,35,299 | |
| Profit of Mary Burns | 367649.5 | |
| Profit of Sally Brown | 367649.5 | |
Estimate of tax payable for Marry in the year ended 30 June 2017
Income
| Dr Cr | ||||
| Mary Burns’s Income Account | ||||
| Particular | Mary Burns | Particular | Mary Burns | |
| Train fares occur in travel for work | 1200 | |||
| family home rates | 2200 | Dividends received | 7000 | |
| Electricity usage | 900 | Gross salary | 30000 | |
| Mary Tax agent’s fees for preparing tax return | 3000 | Eental Income | 10000 | |
| Mary Gross medical expenses | 5000 | Interest income | 5000 | |
| Rates paid on above mentioned investment property | 2000 | Refunds from Government Medicare | 2000 | |
| Interest paid on loan for investment property | 15000 | Salary | 40000 | |
| Expenses of painting the investment property | 5000 | Superannuation | 25000 | |
| Expenses of replacing roof tiles on the investment property | 1000 | Profit of Mary Burns | 367649.5 | |
| Expenses of extending the bathroom in the investment property | 15000 | |||
| Interest of loan of fund | 10000 | |||
| Tax Payble Income | 426349.5 | |||
| 486649.5 | 486649.5 | |||
From the above table, it is stated that Mary earned $486650 in the form of Net Income at the financial year after paying all expenses. The Australian taxation policy defines that the individual whose earn $180001 and above then he is liable to pay $54232 plus for each $1 over the revenue i.e. $180000.
References
Mete, P., Dick, C., & Moerman, L. (2010). Creating institutional meaning: Accounting and taxation law perspectives of carbon permits. Critical Perspectives on Accounting, 21(7), 619-630.
Wright, B. F. (2017). American Interpretations of Natural Law: A Study in the History of Political Thought. USA: Routledge.
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