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BACC3004 Corporate Finance

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BACC3004 Corporate Finance

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Questions: 1. Please discuss if the following items are deductible or not. Please reference to the statutory laws and case laws if applicable. (a)   Ryan purchased a car for his business. He adopts cents per kilometre method in claiming outgoings on the car. He calculated and determined the depreciation to be $ 1,500 for the income year.  (b)   Steve, an accountant, paid $ 700 for CPA membership fee. (c)   Chanel donated $600 to World Vision (Charity) to sponsor a child. (d)   Simon paid $450 to a registered tax agent to lodge his tax return for the income year of 2019/2020. 2. (a)   Laurie Howe, a resident taxpayer, operates a small Café. She lives with her husband Nick. During the income year of 2019/2020, Laurie had the following transactions: Items Amount Sales $336,800 Purchases of trading stock (including cakes and cones supplied by her husband Nick for $12,000 which had a market value of $7,000) 124,100 Trading stock on 1 July 2019 15,300 Trading stock on 30 June 2020 8,900 Other deductions 143,200 Ignore any personal consumptions of the trading stock by Laurie and her husband. Required: Calculate Laurie’s taxable income for the 2019/2020 tax year (4 marks)  On 1 July 2019, Colonel Toxic commenced his business and operated a fast food outlet. Colonel chooses to apply his own estimates of effective life to the two assets purchased during his first year of operations. Asset Cost ($) Date of purchase Effective life (years) Depreciation method Espresso Machine 6,000 1 September 2019 5 Prime cost Menu Board 3,000 1 April 2019 5 Diminishing value Required: Calculate the deduction for decline in value available to Colonel for the 2019/2020 income year.(3 marks) 3. The Robinson Family Trust is a discretionary family trust with two resident beneficiaries, Tom and grace. During this income year of 2019-2020, the activities of the trust gave rise to the following:   $ Loss from rental property (3,000) Interest income from term deposits 2,000 Cash received from non franked dividends 9,000 A capital gain from the sale of Telstra’s shares that had been held for three years 8,000 The trustee of the trust resolved to distribute 100% of the trust income to Grace. Grace also has the following income: Net Salary of $50,000 (PAYG withholding tax instalments of $5,000 have been deducted).Work-related expenses of $3,000 Grace has private hospital cover. Required: Calculate the taxable income and tax payable or refundable for Grace for the income year. Please show all your workings. 4. Butler and John operate a music store as a partnership. The partnership agreement states that profits and losses are to be shared equally after adjusting for interest on capital, superannuation, drawings and salaries paid to the partners  

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Tellus molestie nunc non blandit massa enim nec dui. Tellus molestie nunc non blandit massa enim nec dui. Ac tortor vitae purus faucibus ornare suspendisse sed nisi. Pharetra et ultrices neque ornare aenean euismod. Pretium viverra suspendisse potenti nullam ac tortor vitae. Morbi quis commodo odio aenean sed. At consectetur lorem donec massa sapien faucibus et. Nisi quis eleifend quam adipiscing vitae proin sagittis nisl rhoncus. Duis at tellus at urna condimentum mattis pellentesque. Vivamus at augue eget arcu dictum varius duis at. Justo donec enim diam vulputate ut. Blandit libero volutpat sed cras ornare arcu. Ac felis donec et odio pellentesque diam volutpat commodo. Convallis a cras semper auctor neque. Tempus iaculis urna id volutpat lacus. Tortor consequat id porta nibh.

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RCA INTO THE DEATH OF FLORENCE LILIAN THOMAS 1 Root-Cause Analysis into the death of Florence Lilian Thomas Name Institutional Affiliation Professor's Name Date RCA INTO THE DEATH OF FLORENCE LILIAN THOMAS 2 Root-Cause Analysis into the death of Florence Lilian Thomas Root Cause Analysis ...

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