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* PART 3: TAXATION LAW AND APPLICATION QUESTIONS TLAQ-80 MARKS (Answer only four questions out of five. Each question in Part B is worth 20 Marks) Question 11 (20 marks) Four Incomes/outgoings (20 Marks] The following four incomes/outgoings are sted from a long list of incomes and outgoings of ABC Limited for the year ending 30 June 2019. You are required to use the company with reasons, the extent to which assessable income arises or the extent to which a deduction may be available against income derived in carrying on company's business Required: Address each of the following four independent incomes and outgoings, and cite appropriate source of Income Tax Law to support your answer: Dates Income and outgoings 12 Jan 2019 (5 Marks) ABC Limited received Commonwealth Government subsidies $100 000 for export development in South America during the year ending 30 June 2018 (5 Marks) 15 Jan 2019 ABC Pty Limited managed to recover $80 000 from a customer account that was fully written off for $ 100 000 during the year ending 30 June 2017 10 Jul 2019 IS Marks) ABC Limited incurred preliminary costs $500 000 including professional advice market research product testing to explore whether its new line of business has a future prospect. (5 Marks) ABC paid the following fees to their external accountant: Audit service fees $12 000 for year ending 30 June 2018 paid on 25 Sep 2018 and audit service fees of $15 000 for the year ending 30 June 2019 paid on 20 Sep 2019; and Taxation service fees $10 000 for year ending 30 June 2018 paid on 25 Sep 2018 and taxation service fees $14 000 for the year ending 30 June 2019 paid on 20 Sep 2019. Answers: * PART 3: TAXATION LAW AND APPLICATION QUESTIONS TLAQ-80 MARKS (Answer only four questions out of five. Each question in Part B is worth 20 Marks) Question 11 (20 marks) Four Incomes/outgoings (20 Marks] The following four incomes/outgoings are sted from a long list of incomes and outgoings of ABC Limited for the year ending 30 June 2019. You are required to use the company with reasons, the extent to which assessable income arises or the extent to which a deduction may be available against income derived in carrying on company's business Required: Address each of the following four independent incomes and outgoings, and cite appropriate source of Income Tax Law to support your answer: Dates Income and outgoings 12 Jan 2019 (5 Marks) ABC Limited received Commonwealth Government subsidies $100 000 for export development in South America during the year ending 30 June 2018 (5 Marks) 15 Jan 2019 ABC Pty Limited managed to recover $80 000 from a customer account that was fully written off for $ 100 000 during the year ending 30 June 2017 10 Jul 2019 IS Marks) ABC Limited incurred preliminary costs $500 000 including professional advice market research product testing to explore whether its new line of business has a future prospect. (5 Marks) ABC paid the following fees to their external accountant: Audit service fees $12 000 for year ending 30 June 2018 paid on 25 Sep 2018 and audit service fees of $15 000 for the year ending 30 June 2019 paid on 20 Sep 2019; and Taxation service fees $10 000 for year ending 30 June 2018 paid on 25 Sep 2018 and taxation service fees $14 000 for the year ending 30 June 2019 paid on 20 Sep 2019. Answers