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(a) Prepare a statement reconciling net profit with taxable income
FNSACC601 Final Assessment| with 100 %
Verified Solutions
Part B - Question 1
Note- Please show all workings where necessary and you may use additional space Please write your workings/explanations and answers in Blue cells
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Net Profit per Financial Report Amount $ Net Profit ADD BACK: Tax Withheld USA 4, Provisions for Customer Warranty Claims 30, ATO Penalties 4, Accounting Depreciation @ accounting rate 60,
Equals ADJUSTED NET PROFIT
LESS:
Warranty Expenses 11,000. Depreciation Tax 56,535.
Total less amount
Equals TAXABLE INCOME
(b) Calculate the net tax payable by the company for the year, clearly s
Tax on Taxable Income $ 160965 Less PAYG 50,000. Less FITO - 3,300.
Tax Payable/(Refundable)
Additional Working FITO Tax on 189165@27.5% = 52,020. Less: Tax on (189165-(8000+4000)@27.5% = 48720. Foreign income + Tax Withheld = 8000+4000. Tax offset available $3300 (52020.375 -
Tax on Taxable Income $
below s (if any) 48720.375)
% verified solutions- 2023 - 2024
Write your Reasons or Workings (if applicable) Enter amount here $ As given in the statement (^) 130, 4, 30, 4, 60, 228,500. (90000+98000)30%+(90015%)
owing all your workings
Part B - Question 2
Note- Please show all workings where necessary and you may use additional spa Please write your workings/explanations and answers in Blue cells
(a) Prepare a statement reconciling net profit with taxable income
Net Profit per Financial Report Net Profit ADD BACK: Capital Loss on sale of shares
Equals ADJUSTED NET PROFIT
LESS: (if any) Fully franked Dividends
Total less amount
Equals TAXABLE INCOME
(b) Calculate the net tax payable by the company for the year, clearly
Tax on Taxable Income $ - 55500 PAYG Installment Full Franked Credits Distribution from Unit
Tax Payable/(Refundable)
(c) Calculate ALL losses carried forward by the company
Carried Losses (if any) loss carried forward - 2021 loss carried forward - 2022
Total Carry Forward Lossses
Capital Losses (if any)
capital loss on sale of shares
Total Capital Carry Forward Lossses
Addition
Fully Frank Dividends = 7000 Company tax rate = 30% 3000 (7000/(1-0.3))- 7000
Amount $ Write your Reasons or Workings (if applicable) Enter amount here $ as per statement (^) (58,500.00) 10,000.00 10,000. (48,500.00) 7,000.00 7,000. 7,000. (55,500.00)
showing all your workings
Workings (if any) Amount (80,000.00) (48,500.00) (128,500.00) Workings (if any) Amount ce below
al Workings (if any)
Part C On behalf of Tax on Medicare Levy Low Income Tax Offset On behalf of Tax on Medicare Levy Low Income Tax Offset On balance Tax on Medicare Levy Low Income Tax Offset Total tax payable by the trustee
Presently Entitled Legal Disability Sections of Act Who is Assessed Yes No s97 Beneficiary Yes Yes s98 Trustee No Yes s98 Trustee Yes No s97 Beneficiary Yes No s97 Beneficiary No Yes s98 Trustee Show your workings (^) $ 16800 * 15% 16800 * 2%
(19% x ($16800)) 3,192. (700.00) $2,492. (19% x ($16800)) 16800 * 2%
space below
Amount Distributed 50400 16800 16800 16800 8400 16800 10000 136000
Part B - Question 4
Note- Please show all workings where necessary and you may use additional space below Please write your workings/explanations and answers in Blue cells
a) Calculate Net Partnership Income
Receipt Items Receipt Amount $ Gross fees 610, Gross Bank interest 1, Total Assessable Income Deductible Expense items Deductible Amount $ Int on Over draft 7,000. Other overheads (deductible) 168,000. Wages to employees 250,000. Employees superannuation 10,000. Lease of Equipment 45,000. Interest on Loan - Robert 10,000. Depreciation 34,000. Total Deductible Expenses
Partnership Net Income
Adjusted Net Income Amount $ Gross income (^) 611,000. Deductible Expenses (^) 524,000. Adjusted Net Income
b) Prepare a Partnership Distribution Statement
Distribution - Partnership Net Income Wharf
Write your Reasons or Workings Enter Claimable amount $ 610,000. 1,000. 611,000. Workings (show clearly) Enter Claimable amount $ 7,000. 168,000. 250,000. 10,000. 45,000. 10,000. 34,000. 524,000. 87, Workings (show clearly) Enter amount $ 611,000. (524,000.00) 87,000.
Alexander TOTAL
