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(A) Classify each of the following supplies as either: GST Taxable Supplies, GST-Free Supplies or Input Taxed Supplies. Assume all suppliers are registered for
(A) Classify each of the following supplies as either: GST Taxable Supplies, GST-Free Supplies or Input Taxed Supplies. Assume all suppliers are registered for GST where appropriate. (2 marks) (i) Sale of fresh vegetables by a vendor to a restaurant. (ii) Rent of an office to an industry superannuation fund. (iii) Loan fees charged by a bank on a business loan. (iv) Sale of hot take-away fish and potato chips by a caf. (B) Southeast Pty Ltd is a resident private company with an average annual turnover of $9 million. During the year ended 30 June 2021, Southeast reported net trading income of $515,000 and also received a fully franked dividend of $30,000 and an unfranked dividend of $23,000. Both dividends were from ASX listed (non-small business taxpayer) companies. Calculate the company tax payable by Southeast Pty Ltd for the year ended 30 June 2021. (4 Marks) (C) Outline the circumstances necessary before a business partnership can split its profit other than equally to its partners. (4 Marks)
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A i GSTFree Supplies iiInput Taxed Supplies iii GST Taxable Supplies iv GST Taxable Supplies B 515...Get Instant Access to Expert-Tailored Solutions
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