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Clara commenced a catering business by providing personal service. Her income and expenditure for the current year are as follows: INCOME Cash received from
Clara commenced a catering business by providing personal service. Her income and expenditure for the current year are as follows: INCOME Cash received from the catering business $150,000. Outstanding from the current year's functions invoiced but not received were $28,500. Dividend from investing business profits into J Ltd shares $2000 Franking Credits $780 EXPENDITURE Accounting fees $1536 Wages to staff $30,000 Food Purchases $60,000 Purchase on Van to deliver food 75000 Donations to Red Cross $1000 Complete the multiple blanks below to calculate Clara's taxable income and net tax payable including Medicare levy. Just write the figures without any commas to work out the taxable income, e.g. 12000 but you must write dollars and cents with a dot to work out the net tax payable, e.g. 1200.35 Write 0 if no amount should be included in the assessable income or allowable deductions. The business qualifies as an SBE.
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