Question Completion Status: QUESTION 3 10 points (A) Consider the following supplies by organisations al registered for the Goods and Services Tax For each supply advise whether they are taxatie supplies GST free supplies or input-taxed supplies (2 marks) 1) Commercialrent of premises to a childcare centre Sale of a computer to a medical doctor Sale of fresh seafood to a restaurant OVI Advice by a financial accountant to an investor (B) The following information is provided by Icarus Ltd, a resident public company annual turnover 5520 million in relation to its franking account 30/06/20 Debit balance 31/07/20 340 Franking defait tax paid 15/12/20 Company tax instalment paid 840 17/12/20 Received a 60% tranked dividend from a resident 82.200 ASX public company 75,000 15/06/21 Pald lyfranked dividends 30.000 The dividend received was from a large ASX isted company that is NOT a small bussless taxpayer company Required: Prepare lccarus's Franking Account for the year ended 30 June 2021. 5 marks) (C) A & Bare partners in a legal practice. On 1 July 2020, the partnership borrowed $200,000 in order to pay rechpartner $100,000. This reduced their respective partners accounts to $10,000 owing to each partner. Both partners spent $100.000 on their private mortgages Required: With reference to relevant case law, briefly discuss whether the partnership would be entitled to an income tax deduction with respect to interested on the $209,000 borrowed (3 marks) For the toolbar, press ALT+F10(PC) or ALTEFN+F10(Mac) B TV s Paragraph Open Sans, s. 10pt A 2 IX xx, 8 & TT 1 15 382 + ) ili G Q o - 1 +] Question Completion Status: QUESTION 3 10 points (A) Consider the following supplies by organisations al registered for the Goods and Services Tax For each supply advise whether they are taxatie supplies GST free supplies or input-taxed supplies (2 marks) 1) Commercialrent of premises to a childcare centre Sale of a computer to a medical doctor Sale of fresh seafood to a restaurant OVI Advice by a financial accountant to an investor (B) The following information is provided by Icarus Ltd, a resident public company annual turnover 5520 million in relation to its franking account 30/06/20 Debit balance 31/07/20 340 Franking defait tax paid 15/12/20 Company tax instalment paid 840 17/12/20 Received a 60% tranked dividend from a resident 82.200 ASX public company 75,000 15/06/21 Pald lyfranked dividends 30.000 The dividend received was from a large ASX isted company that is NOT a small bussless taxpayer company Required: Prepare lccarus's Franking Account for the year ended 30 June 2021. 5 marks) (C) A & Bare partners in a legal practice. On 1 July 2020, the partnership borrowed $200,000 in order to pay rechpartner $100,000. This reduced their respective partners accounts to $10,000 owing to each partner. Both partners spent $100.000 on their private mortgages Required: With reference to relevant case law, briefly discuss whether the partnership would be entitled to an income tax deduction with respect to interested on the $209,000 borrowed (3 marks) For the toolbar, press ALT+F10(PC) or ALTEFN+F10(Mac) B TV s Paragraph Open Sans, s. 10pt A 2 IX xx, 8 & TT 1 15 382 + ) ili G Q o - 1 +]
