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Ace Financial Services Pty Ltd is a company that carries on business in Melbourne. It has 2 directors and 2 shareholders, Bill Smith, and Fiona
Ace Financial Services Pty Ltd is a company that carries on business in Melbourne. It has 2 directors and 2 shareholders, Bill Smith, and Fiona Clay. It operates a business of providing detailed research reports to financial advisers to assist them in providing financial advice to their clients. The business is registered for GST, but the following figures do not include GST. During the year ended 30 June 2024 the following amounts were received, and expenses paid from the company's bank account: Receipts: Fees from the clients $1, 300, 250 Bank Interest in term deposit $15, 269 Fully franked dividend from a resident company (franked at 30%) $106, 000 Payments: Salaries to staff(including directors) $789, 326 Advertising $195, 750 Bank fees $19, 257 Consultant's fees $168, 824 Accounting fees $15, 647 Stationery $15, 250 Legal fees $28, 964 Superannuation contribution for staff $135, 700 Purchase of computer system (1 July 2023) $33, 250 PAYG withholding for staff $200, 500 Note: 1. Calculate the tax payable by Ace Financial Services Pty Ltd for the year ended 30 June 2024. The company pays income tax at rate of 30%
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