Question 1

Partnership Tax Return 2020 details

• The partnership consists of two partners: Peter Bond and John Wayne.
• The partnership equally divides the profit and losses of the partnership income.
• The business is involved in property factory development of shopping malls.
• The following financial extract of the partnership records as at 30/6/2020 was provided.
• INCOME
• Factory Construction income 300000
• Interest on drawings -Peter Bond 400
• - John Wayne 980
• Expenditure
• Superannuation contributions (Staff) 10000
• Interest on bank loan paid 2500
• Interest on capital Peter 3000
• - John 2700
• Interest on loan - John 4000
• Partners Salaries - Peter 40000
• - John 60000
• Purchased of cement 4000
• Rent of Equipment 40000
• Staff salary 155000

Additional Information

• Peter and John is not filling for a final tax return.
• Peter Bond DOB 30/2/1979, 41 years old.
• Peters individual tax file number is 888331833
• Peter Bonds- Residential Address is (33 Landow St Macedon 3129 Victoria).
• John Wayne -Postal address 1/11 Newton Rd, Eildon 3174 Victoria
• Peter does not want to fill the EFT section in his Individual tax return.
• Peter earns extra income from newspaper store called (Up to Date newsagent)
• Peter earned a gross wage amounting to $2000 and withheld tax $200 from his newsagent employer. Up to Date Newsagents - ABN is 88626767828
• The partnerships ABN 11155577777
• The partnership Tax File Number 331133233.
• The partnership name is (P and W Factory Shopping Mall Construction).
• Postal address Factory 1/16 Thread street Oakland Junction 3162 Victoria
• Name of Partners - John Wayne and Peter Bond
• The partnership is ongoing
• The partnership does sell its buildings on e-bay
• The partnership has a share investment in ABC Ltd where they received a $2000 fully franked dividend equally. ABN 22233344444 and TFN 669 997 774
• Peter received a Net trust distribution of 10000 from (Arthine Family Discretionary Trust).
• John received a Net trust distribution of 5000 from (Gary Family Discretionary Trust).

Required

1. Calculate the accounting profit and loss and show your workings for 2019
2. Calculate the Net Income of the Partnership for tax purposes for 2019
3. Calculate the Partnership Distribution Statement for the year ending 30/6/2019
4. Need to fill out the Partnership Tax Return for 2019 for the partners Paul and John
5. Calculate Paul Black Individual Tax Return 2019