Amity Holdings Pty Limited $($Amity$)$ is an Australian resident company that was incorporated

during $2022.$ After purchasing several investments including real estate and shares, in $2023$

Amity commenced business as a golf equipment wholesaler with both Australian and overseas

clients.

calculate her taxable income and correct her company tax return

COMPANY TAX RETURN

$*$Taxable income Net profit per income statement

$=23100$

$*$Franking credit$=2700$

$*$other gross income $($ Rent from residential invesment propreties$)190000$

$*$SUPERANNUATION EXPENSES $3450$

$*$BAD DEBTS Provision for doubtful debts $($none written off during the year$)10000$

$*$The difference between opening stock and closing stock is not calculated.

$*$Cost of Sales tot $2120000$ with purchases $175000$ and closing stock $37000$ total cost of sales expenses is $212000$

$*$Non$-$Allowable Expense RENTAL EXPENSE $($Management fees, strata levies, Insurance$)74500$

$*$ Speeding fines $14500$

Net capital gain $=$ Amity entered into a contract for the sale of a residential property that was acquired

in $2022$:

Capital proceeds $820000$

less: Purchase price $685000$

$135000$

less: $50\%$ discount $6750067500$

$($ A discount capital gain is a capital gain that satisfies the requirements of Subdiv $115-$A $($ss $115-5$ to $115-50).$

The discount percentage is: $$ generally, $50\%$ if the gain is made by a resident individual $50\%$ if the gain is made by a trust, or $33(1)/(3)\%$ if the gain is made by a complying superannuation entity.$)$