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Australian Taxation: Partnership Firm Income, Deductions, and Expenses Explained

   

Added on  2023-04-25

9 Pages2117 Words85 Views
Australian taxation

Table of Contents
Question 1 Provisions related with partnership firm.......................................................................3
Question 2 Provisions of Fringe benefit tax....................................................................................7
References........................................................................................................................................9

Question 1 Provisions related with partnership firm
Statement showing the computation of the net income of the partnership for
the year ended 30June 2017
Particulars Amount ($)
Total sales (cash and credit) Note 1 182055
Increase in stock Note 2 630
Less - Purchase (cash and Credit) Note 3 (160343)
Gross income 22342
Allowable deduction
Van expenses Note 4 1134
SUV expenses Note 5 1230
Electricity bill Note 6 1176
Council rates Note 6 310.2
Mobile bills Note 6 633.6
Business insurance Note 7 1250
Union fees Note 7 284
Account charges (ANZ Bank) Note 7 595
Repair expenses Note 8 150
Payment of interestNote 9 5500
DepreciationNote 10 3972.47
Total Deduction 16235.27
Net Income (Gross income –Total deduction) 6106.73

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