Question
Green Pty Ltd is a resident gardening company registered with the following information: TFN:859 376 213 ABN: 79 512 647 864 ACN:86 572 314 719
Green Pty Ltd is a resident gardening company registered with the following information:
TFN:859 376 213
ABN: 79 512 647 864
ACN:86 572 314 719
The following is the financial information for the year ended 30 June 2017.
GST (where it is applicable) has not been removed from the following amounts.
Depreciation (for tax purposes) was reported to be $5,500 for the current year.
Income:
Sales
345,000
Exempt income
10,000
Dividends (fully franked)
10,260
Interest received
900
Compensation from a client who failed in a legal suit to obtain damages from Green Pty td for alleged property damage.
4,000
Net capital gain
4,000
Expenses:
Advertising (print, net, signage, flyers)
1,000
Bad debts
900
Bank Charges
150
Capital expenditure (qualifies for immediate deduction)
3,000
Cost of sales
60,000
Sub-contractor expenses
23,000
Depreciation expenses
2,000
Electricity
800
Entertainment
2,000
Environmental protection (disposal of chemicals)
600
Fines (speeding and parking tickets)
500
Insurance
600
Interest expenses within Australia
1,200
Lease expenses within Australia
4,000
Motor Vehicle 3rd Party insurance
550
Motor Vehicle expenses (petrol & maintenance)
4,000
Motor Vehicle Registration
1,200
Rent expenses
11,800
Stationery & Office supplies
200
Tea, coffee, sugar & milk for staff use
100
Telstra (Phones & Internet)
2,000
Wages
45,000
Calculate the net tax payable/ refundable situation for Green Pty Ltd (include references, calculations & assumptions)
1.Calculation should follow Australia Tax law .2.I will upload a criteria sheet. includinga.The requested outputs
b.Worksheet containing assumptions, explanations and calculations.c.Relevant legislation and / or case law and / or rulings.3.Please work with excel software.
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