ppage Kaplan Business School Assessment $3$ Data $2024$ T$1$Assessment $3$ Case Study DataBackgroundRequirementsInformation statement To be completed by all companies$6$ Calculation of total profit or lossIncome$\mathrm{.}00,,,\mathrm{.}00,,,\mathrm{.}00,,,$CODE$\mathrm{.}00,,,\mathrm{.}00,,,\mathrm{.}00,,,\mathrm{.}00,,$CODE,Total income$Gross payments subject to foreign residentwithholding $($excluding capital gains$)$ B$\mathrm{.}00,,,$$Gross payments where ABN not quoted A$Gross distribution from partnerships D$Forestry managed investment scheme income XGross distribution from trusts E $$Total dividends H$Gross rent and other leasing and hiring income G$Fringe benefit employee contributions I$Assessable government industry payments Q$\mathrm{.}00,,,$$Other sales of goods and services C$\mathrm{.}00,,,$$Gross interest F$\mathrm{.}00,,,$$Unrealised gains on revaluationof assets to fair value J$\mathrm{.}00,,$$Other gross income R$,$S $$,\mathrm{.}00,,,\mathrm{.}00,,,$Expenses$\mathrm{.}00$$$,,$Foreign resident withholding expenses$($excluding capital gains$)$ B$,\mathrm{.}00$$$,,$Contractor, sub$-$contractor andcommission expenses C$,\mathrm{.}00$$$,,$Superannuation expenses D$,\mathrm{.}00$$$,,$Bad debts E$,\mathrm{.}00$$$,,$Lease expenses within Australia F$,\mathrm{.}00$$$,,$Lease expenses overseas I,$\mathrm{.}00$$$,,$Rent expenses H$,\mathrm{.}00$$$,,$Interest expensesoverseas J$,\mathrm{.}00$$$,,$Royalty expenseswithin Australia W$,\mathrm{.}00$$$,,$Royalty expensesoverseas U$,\mathrm{.}00$$$,,$Motor vehicle expenses Y$,\mathrm{.}00$$$,,$Repairs and maintenance Z$,\mathrm{.}00$$$,,$Depreciation expenses X$,6$ Calculation of total profit or loss continuedDo you have anonresidentwithholdingpayment orreportingobligation?See instructions.Completeand attachan Internationaldealings schedule$2023.$Total profit or lossTotal expenses$$,\mathrm{.}00,,$Subtract Total expenses Qfrom Total income S T$Cost of sales A$\mathrm{.}00,,,\mathrm{.}00,,$$Interest expenseswithin Australia V$,\mathrm{.}00,,$$Unrealised losses on revaluationof assets to fair value G$,\mathrm{.}00,,$$All other expenses S$,$Q $$,\mathrm{.}00,,,7$ Reconciliation to taxable income or lossDid you have a CGT event during the year? Yes NoG Answer Yes at G if the company had anamount of a capital gain from a trust.$\mathrm{.}00$$$,,$Total profit or loss amount shown at T item $6,06560823$Do you need to complete a Capital gains tax $($CGT$)$ schedule $2023?\mathrm{.}00$$$,,$Section $40-880$ deduction Z$,\mathrm{.}00$$$,,$Capital works deductions I,$\mathrm{.}00$$$,,$Deduction for project pool H$,\mathrm{.}00$$$,,$Immediate deduction for capital expenditure E$,\mathrm{.}00$$$,,$Deduction for decline in value ofdepreciating assets F$,\mathrm{.}00$$$,,$Forestry managed investmentscheme deduction U$,$Less:$\mathrm{.}00$$$,,$CSection $46$FA deductions forflow$-$on dividends $,\mathrm{.}00$$$,,$Landcare operations and deduction for decline in valueof water facility, fencing asset and fodder storage asset N$,\mathrm{.}00$$$,,$Deduction for environmentalprotection expenses O$,\mathrm{.}00$$$,,$Accounting expenditure in item $6$subject to R&D tax incentive D$,\mathrm{.}00,,$$Australian franking credits froma New Zealand company C$,\mathrm{.}00,,$$TOFA income from financial arrangementsnot included in item $6$ E$,\mathrm{.}00$$$,,$Franking credits J$,\mathrm{.}00$$$,,$Non$-$deductible exempt income expenditure U$,\mathrm{.}00$$$,,$Net capital gain AAdd:,$\mathrm{.}00$$$,,,$SubtotalHave you applied an exemption or rollover? Yes NoMCODE$\mathrm{.}00$$$,,$POffshore banking unit adjustment,Do you needto completethe Internationaldealings schedule$2023?$Completeand attachan Internationaldealings schedule$2023.\mathrm{.}00,,$$Other assessable income B$,\mathrm{.}00,,$$Non$-$deductible expenses W$,\mathrm{.}00$$$,,$VExempt income,$\mathrm{.}00$$$,,$QOther income not included in assessable income,$\mathrm{.}00$$$,,$WTOFA deductions from financial arrangementsnot included in item $6,\mathrm{.}00$$$,,,$XOther deductible expenses$\mathrm{.}00$$$,,,$JSmall businessskills and training boost$\mathrm{.}00$$$,,,$LSmall businesstechnology investment boostDo you need tocomplete a Lossesschedule $2023?$Less: continued$8$ Financial and other information$$,,\mathrm{.}00$Tax losses transferred in $($from or to a foreign bankbranch or a PE of a foreign financial entity$)$ S$,\mathrm{.}00$$$,,$Tax losses deducted R$,\mathrm{.}00$$$,,,$Subtraction items subtotal$$,,,*$Taxable$/$net income or loss T$($an amount must be included even if it is zero$)\mathrm{.}00$Unfranked dividends paid K $$,,,\mathrm{.}00$Franked dividends paid J $$,,,\mathrm{.}00$Opening franking account balance P $$,,,\mathrm{.}00$Closing franking account balance M $$,,,\mathrm{.}00$Page $11$OFFICIAL: Sensitive $($when completed$)$COMPANY TAX RETURN $2023$Calculation statement$*$Important: Item $7$ label T and labels A$,$ T$1,$ T$5$ and I of the calculation statement are mandatory. If you leave these labels blank,you will have specified a zero amount.H$5$Credit for TFN amounts withheld frompayments from closely held trusts$H$4$Tax withheld from interest or investments$H$7$Other credits$ Eligible credits$($Add H$2,$ H$3,$ H$4,$ H$5,$ H$7$ and H$8)$H $$,,.,$H$2$Credit for tax withheld foreign residentwithholding $($excluding capital gains$)$$H$3$Credit for tax withheld whereABN is not quoted$Please refer to the Companytax return instructions $2023$on how to complete thecalculation statement.AMOUNT DUE OR REFUNDABLEA positive amount at S is what you owe,while a negative amount is refundable to you.S $$,,.,($T$5$ plus G less H less I less K$)$PAYG instalments raised K $$,,.,*$Tax offset refunds$($Remainder of refundable tax offsets$)$ I $$,,.,($unused amount from label E an amount must be included even if it is zero$)$Nonrefundable carry forward tax offsets D $$,,.,$Refundable tax offsets E $$,,.,$Nonrefundable noncarry forward tax offsets C $$,,.,$Credit for foreign resident capital gainswithholding amountsH$8$ $Subtotal $1$ T$2($B less C cannot be less than zero$).,,$$$,*$Taxable or net income A$($an amount must be included even if it is zero$)\mathrm{.}00,,$$$,*$Tax on taxable or net income T$1($an amount must be included even if it is zero$).,,$$$,$Subtotal $2$ T$3($T$2$ less D cannot be less than zero$).,,$$$,$Subtotal $3$ T$4($T$3$ less E cannot be less than zero$).,,$$$,$Franking deficit tax offset F $$,,.,$Section $102$AAM interest chargeG $$,,.,*$TAXPAYABLE T$5($T$4$ less F cannot be less than zero, an amount must be included even if it is zero$).,,$$$,$Gross tax B$.,,$$$,,,\mathrm{.}00,,,\mathrm{.}00,,,.,,,.,,,.,,,.,$Page Kaplan Business School Assessment $3$ Data $2024$ T$1$Notes and workings accompanying the tax return$ $ITEM C $-$ OTHER SALES OF GOODS AND SERVICESSales of restaurant meals $1,055,000$Sales of catering services $265,0001,320,000$ITEM G $-$ GROSS RENT AND OTHER LEASING INCOMERental income from sublettingrestaurant building $33,000$Rental income from residentialproperties $127,000160,000($note $-$ a further $$11,000$ of rent fromresidential tenants was received inadvance as at $30$ June $2023)$ITEM H $-$ DIVIDENDSDividends from base rate entities$($fully franked$)6,000$Dividends from listed companies$($fully franked$)42,00048,000$ITEM I $-$ FRINGE BENEFIT EMPLOYEES CONTRIBUTIONSContribution to car benefit providedto Mel $3,0003,000$ITEM R $-$ OTHER GROSS INCOMEGain on sale of residential property $300,000$Gain on sale of restaurant furniture $10,000310,000$Page Kaplan Business School Assessment $3$ Data $2023$ T$3$Notes and workings accompanying the tax return$ $ITEM A $-$ COST OF SALESCost of sales $-$ restauarant $315,000$Cost of sales $-$ catering $55,000370,000$ITEM D $-$ SUPERANNUATION EXPENSESSuperannuation contributions paid $45,000$Superannuation contributionsaccrued $10,00055,000$ITEM H $-$ RENT EXPENSESRepair to residential property $5,000$Management fees $11,000$Strata levies and rates $20,00036,000$ITEM V $-$ INTEREST EXPENSESInterest paid $30,000$Borrowing costs $($incurred $1$ July$2022)7,00037,000($note $-$ borrowings used forrestaurant only$)$ITEM X $-$ DEPRECIATION EXPENSESAccounting depreciation $-$ restaurantequipment and fittings $45,00045,000(480,000$ cost $-30,000$ residual $)/10$ year lifePage Kaplan Business School Assessment $3$ Data $2023$ T$3$Notes and workings accompanying the tax return$ $ITEM Y $-$ MOTOR VEHICLE EXPENSESRunning costs $-$ car benefit $14,000$Speeding fines paid $2,000$Car allowances $-$ paid for courierdeliveries in private vehicles at centsper kilometre rate $6,00022,000$ITEM Z $-$ REPAIRS ANDMAINTENANCERepair of walk$-$in refrigeration unit $8,000$Removal of walls for restaurantredesign on $30$ June $202320,00028,000$ITEM S $-$ ALL OTHER EXPENSESSalaries and wages paid $475,000$Other deductible operating costs $91,000$Fringe Benefits Tax Paid $15,000$Impairment of goodwill $50,000$Employees leave accrued $23,000654,000$$ $$7-$ RECONCILIATIONITEM J $-$ FRANKING CREDITS$30\%$ x $48,00014,400$Page Kaplan Business School Assessment $3$ Data $2023$ T$3$Notes and workings accompanying the tax returnCALCULATION STATEMENTT$1$ TAX ON TAXABLE INCOME $182,520$$$608,400$ x $30\%($Travis believes that Shallow is not a Base Rate Entity as it has a turnover ofmore than $$75,000$ per annum$)$D NON$-$REFUNDABLE CARRY FORWARD TAX OFFSETSAs per Item $7$ J Franking credits $14,400(30\%$ x $48,000)$Page Kaplan Business School Assessment $3$ Data $2023$ T$3$Other notes and workings accompanying the tax returnNOTE $1$ Shallow prepared the following frankingaccount for the year:DATE DESCRIPTION DR CR BAL$1-$Jul Opening balance $24,00015-$AugFully franked dividends totalling$$42,000$ received $-$ listed coys $12,60036,60019-$Oct PAYGI Payment $20,00015,600-29,40012-$Jan Fully franked dividend of $$36,000$ paid $36,00019-$Jan PAYGI Payment