Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

10th Edition

0133117561, 978-0133117561

More Books

Students also viewed these Accounting questions

Question

Am I surfing to avoid a more difficult or unpleasant t ask?

Answered: 1 week ago

Question

what tax deductions and allowances and state when they were claimed

Answered: 1 week ago