Tina owns a Toyota Max used 90% for business purposes. Logbooks have been maintained to substantiate this usage and the total running costs of maintaining this vehicle is $28,660. On 1 June 2023 Tina was involved in a car accident. She decided to replace the car's wrecked Max tray with a stronger tray which will last much longer at a cost of $4,000. She liked the idea as the new and better Max tray will reduce the likelihood of future repair bills. On 15 June 2023 Tina was informed that one of her clients who had owed her $1,500 since the beginning of the year was declared bankrupt and will receive no payment. On 27 June 2023, Wendy Pty Ltd declared a bonus to all employees totaling $1,200. The $1,200 bonus was not credited to the employee's account until 5 July 2023. On 1 March 2023 Tina purchased new office equipment for $21,000 for the business. She paid $3,000 delivery and installation costs. The effective life of the new office equipment is 5 years. Tina wants to claim the maximum deduction. Superannuation expense relates to payments made for wages paid from 1 July 2022 to 30 March 2023. All expenses were not paid within 28 days of the end of the month

Insurance payment of 25,850 includes an advance payment of $12,925 for the 2023-2024 financial year. 12. Telephone expenses also include the cost of a new mobile phone costing $1,200. 

REQUIRED 

Complete a statement of taxable income, explanatory notes, and depreciation schedule for the company for the year ending 30th June 2023. The assignment should be completed in groups of 3 as allocated by your lecturer and the word limit for the explanatory notes is 1,000 words. Correct calculations inclusive of clear and concise explanation of calculations. Comprehensive and accurate discussion of taxation issues citing appropriate legislation, ATO Rulings, and case law. Evidence of usage of available legal material and wide reading/research. Presentation — format, spelling, vocabulary, readability. Appropriate referencing, including in-text referencing and a reference list where appropriate. P'SJ'PE-'J Engaging proactively with team members in decision-making and facilitating the achievement of agreed group outcomes. 7. Any form of plagiarism will result in a report to the business school coordinator.

Wendy Pty Ltd is a private company which owns two petrol stations. Their head office is 200 Spencer Street, Melbourne. They started business on 1st July 2022. Tina Turner, the sole director, makes an appointment with you to prepare the company's 2023 income tax return. At the interview she supplies you with the following financial information: Receipts CBA - Business Loan Cash Sales Banked Credit card sales Receipts from debtors Payments Motor Vehicle Expenses - Toyota (see note 5) Replacement of tray on Toyota Max Power Rates Insurance (see note 11) Telephone Expenses (see note 12) Bank charges Repairs and maintenance (see note 3 below) Membership to Hawthorn FC (Tina would take staff to the football on occasion) Wages Superannuation Expense (see note 10 below) 4,500,000 11,334,000 5,620,800 542,800 23,680 5,000 23,400 18,800 25,850 5,350 1,200 7,090 1,200 267,000 12,682