HI6028: Taxation Theory, Practice & Law – Law Assignment Help

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Internal Code: 1ABCBF
Law Assignment Help
Task: 1
Daniel and Olivia Smith operate a mixed business called Brekkie and Lunch and OZ Bottle Shop at 50 York Street Sydney. They visit you in order to prepare their 2017 partnership tax return. During your first meeting they provide you with their cash receipts and cash payments journals, their business bank statements and a file contain all their business invoices and receipts relating to the transactions in their book.
Details of the transactions are as follows:

Transactions $

Business Sales (Cash) – 150,170

Debtors cash payments – 32,800

Car expenses – 3,310

Electricity bill – 1,470

Council rates – 517

Business insurance – 1,250

Mobile bills – 704

Union fees – 284

Account charges ( ANZ Bank) – 595

Repair expenses – 1,490

Loan repayment – 8,500

Drawings – 6,000

Purchase of fixed Asset – 3500

Cash Purchases – 31,155

Repayment to Credits – 128,678

After careful consideration of the working papers from last year’s return, you establish:

Debtors at 1
st
July 2016 – 3,925

Debtors at 30
th
June 2017 – 3,010

Creditors at 1
st
July 2016 – 6,500

Creditors at 30
th
June 2017 – 7,010

Stock on hand 1
st
July 2016 – 9,120

Stock on hand 30
th
June 2017 – 9,750

Some of the creditors were paid directly from the cash receipts account. Overall, $31,155 of stock was purchased in this method. Additionally, $5,600 in cash has been used for private purposes.

iii. The owners have taken $3,200 from Bottle Shop items for private use.

There was a $3,000 reduction in the loan repayment, as this was the loan 
principal. The business loan repayment was $8,500.

The business has two cars: a van used 90% for business purposes and a SUV used 60% for business purposes. The cost of maintaining the van was $1,260 and the SUV $2,050.

Repairs and maintenance expenses are as follows: 

 1
st
October 2016- air-condition installation 1,200 

1
st
December 2016- shop painting 150

1
st
April 2017- refrigerator motor replacement 140

vii. Asset purchases are as follows:

1
st
August 2016- new restaurant freezer $3,500

A trade-in of $500 was permitted on the old unit

viii. The depreciation schedule as at 30th June 2017:
taxation law
All of the above discussed business assets of Brekkie and Lunch and OZ Bottle Shop were purchased before 27 February 1992 and Daniel and Olivia Smith have chosen to use the depreciation rates published by the ATO. Any new assets will have a useful life of 10 years and the Daniel and Olivia’s partnership business will use diminishing value method to depreciate their business depreciable assets.

Daniel and Olivia live on the business properties, but 90% of mobile bills, 80% of electricity expenses and 60% of council rates relate to the Brekkie and Lunch and OZ Bottle Shop. The insurance premium paid is completely related to their business. Daniel and Olivia have a separate insurance for their personal goods.

From the information supplied, prepare the working papers and determine the net income for the partnership for the year ended 30 June 2017.

Task: 2

John is a senior executive with a printing company. As part of his remuneration
package his employer pays for his child’s school fees at a private school costing
$15,000. His employer also provides him with accommodation in a Sydney
apartment throughout the FBT year. John must pay $100 of rent per week for the
apartment. The market value rent for the apartment is $800 per week.
Advise John’s employer of the FBT consequences of John’s remuneration package.
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