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Taxation: Calculation of Net Income and Fringe Benefit Tax

   

Added on  2019-09-30

15 Pages1745 Words279 Views
Taxation1

Executive summaryThe report contains assignment on two different problems and both of them are related to theAustralian taxation system. Answer 1 deals with the problem faced in preparation of financialstatement of the partnership firm and answer give details on the various provision of thecalculation of fringe benefit provided by the employers to its employee. The present assignmentis making the elaboration for the calculation of the net income and preparation of the tax returnfor the partnership firm.2

ContentsExecutive summary.........................................................................................................................2Introduction......................................................................................................................................4Answer 1..........................................................................................................................................5Answer 2........................................................................................................................................13Conclusion:....................................................................................................................................15Reference:......................................................................................................................................163

Introduction In the given report explanation of the various elements of the financial statement of thepartnership firm has been given. The main purpose of preparation of the report is to increase theunderstanding of various elements of the Australian taxation system. The fringe benefit is animportant aspect of the taxation system and should be understood by the individuals of theAustralia. In the present assignment the discussion will be made for the preparation of theincome statement of the partnership firm which is owned by the Daniel and the Olivia Smithfrom the following information available. Fringe benefit also forms the part for the businessorganization and is very useful for the organization in attracting the new employees in thecompany.4

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