This question is related to partnership part of taxation law, please help me to answer my question! Thank you!
Tom and Mary are Australian residents in partnership as retailers of computer parts. The partnership records for the nancial year ending 30 June 2017 disclose: $200,000 20.000 Gross receiots from tradin- Bad debts recovered 7 20.000 Net Exemot Income 10,000 Not Assessable Not Exemot Income 40,000 Net capital gain (after discounting) from the sale of shares ac uired in 2008 10,000 Dividend 50% franked (The company oa ino the dividend oa 8 tax at 30% illll Purchases of trading stock Partners' salary Mary Partner's sala Interest on cash advance made to the partnership by Peter who is not a partner Travelling expenses in respect of Tom travellino from home to work 1,000 Leoal ex-enses in recoverino bad debts Borrowing expenses on a loan used to acquire an income earning building. The loan is for 6 years and began on 1 July 2015 Paintino business oremises in June 2017 Other details: a) Tom and Mary share the residual prots and losses equally. b) Trading stock.on hand 1 July 2016: $60,000. c) Trading stock on hand 30 June 2017 ysinojthlFO method: $50,000 (at market selling value), $45,000 (at replacement cost), and $40,000'lat cost price). Trading stock on hand 30 June Wing the FIFO rrptbod;$100,000 (at market selling value),_$8(_),000 (at replacement cost),mafcost price). the partners wish to minimise their tax liability for the year ended 30 June 201 r. d) The partners made a partnership net trading loss of $15,000 in the income year ending 30 June 2016. 6) On 10 January 2017 Tom was robbed at gunpoint of the partners' trading receipts of $20,000 while on the way to the bank. f) Dun'n th - g e 2016,2017 Income year, Tom received a net salary of $20,000 as a part-time lecturer at Mo - - University. nash Universny, after PAYG of $5.000 tax was deducted from his salary by the RR? 9) father an: hs brother, both contribute $_10.000 each to the maintenance of their father. Their P rmanent resrdent of Australia and received adjusted taxable income of $4.282 for the ' . . . . . pangs: ending 30 June 2017. Their father IS an Invalid and receives a disability support h) Tom has an unabsorbed $5.000 capital loss from the sale of shares from the 2015/2016 income year. He also has an unabsorbed 2 000 ' I I the 2014/2015 income year. $ , capital loss from the sale of a painting from i) Tom has a carry forward Division 36 loss from a previous income year of $15,000- j) During the tax year Tom made a gift of $1,000 to the Collingwood Football Club and a gift of $1,000 to the Red Cross. k) Tom is not a member of a Private Health Fund and does not have private hospital insurance. i) All figures are exclusive of GST. GST can be ignored for this question. REQUIRED: Calculate Tom's Assessable Income from the partnership and then calculate his taxable income and Net Tax Payable for the income year ending 30 June 2017. Figures can be rounded to the nearest dollar. You should briefly explain your treatment of the items in this question. For example: Explanation Deductible - 5. 8-1, revenue expense incurred in the production Item $4,000 Conference expense _ of assessable Income. Finn v FCT
