question 3 only
-NM naperne confidentality competence 22. Outline and explain key accounting principles and practices when reconciling accounting profits with taxable profits. Q3. Identify the relevant elements of Australian tax law in the following scenario and document the tax payable by James for the tax year 2015/16. Show your workings. On 1 July 2015, James sold some jewellery for $5,000 which he bought on 1 April 2013 for $2,780. On 1 August 2015, James sold his camera for $22,000 which he bought on 15 June 2013 for $23,000. On 5 October 2015, James sold a painting for $950 which he bought on 4 April 2007 for $480. On 8 June 2016, James sold CBA shares for $49,500 which he bought in 30 June 2015 for $42,400 (net costs). On 30 June 2016, he receives interest income of $24,000 24. Jason and Robert are planning to open a furniture and homewares store with two employees. The projected turnover will be $200,000. Jason and Robert seek advice from you in celation to the advantages and disadvantages of conducting their business through a partnership or a company. Provide three advantages and three disadvantages from a tax perspective for choosing either a partnership or a company as their organisational entity. Provide organisational policy reasons and support your answers by citing relevant tax legislation, where applicable. -NM naperne confidentality competence 22. Outline and explain key accounting principles and practices when reconciling accounting profits with taxable profits. Q3. Identify the relevant elements of Australian tax law in the following scenario and document the tax payable by James for the tax year 2015/16. Show your workings. On 1 July 2015, James sold some jewellery for $5,000 which he bought on 1 April 2013 for $2,780. On 1 August 2015, James sold his camera for $22,000 which he bought on 15 June 2013 for $23,000. On 5 October 2015, James sold a painting for $950 which he bought on 4 April 2007 for $480. On 8 June 2016, James sold CBA shares for $49,500 which he bought in 30 June 2015 for $42,400 (net costs). On 30 June 2016, he receives interest income of $24,000 24. Jason and Robert are planning to open a furniture and homewares store with two employees. The projected turnover will be $200,000. Jason and Robert seek advice from you in celation to the advantages and disadvantages of conducting their business through a partnership or a company. Provide three advantages and three disadvantages from a tax perspective for choosing either a partnership or a company as their organisational entity. Provide organisational policy reasons and support your answers by citing relevant tax legislation, where applicable
