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LAWS19034 Taxation Law and Practice

   

Added on  2020-03-04

10 Pages2500 Words112 Views
Running head: TAXATION LAWTaxation LawName of the StudentName of the UniversityAuthors NoteCourse ID

1TAXATION LAWTable of ContentsAnswer to question 1:.................................................................................................................2Answer to question 2:.................................................................................................................2Answer to question 3:.................................................................................................................5Answer to question 4:.................................................................................................................6Reference List:...........................................................................................................................8

2TAXATION LAWAnswer to question 1:Livestock Trading AccountLivestock Trading AccountIn the Books of Rob and Jane For the year ended 30th June 2017ParticularsAmount ($)Amount ($)Income ReconciliationReceiptsLivestock trading (A) $ 99,850.00 Proceeds from sale of Cattle (B) $ 1,63,000.00 Agreement Fees received ( c ) $ 7,800.00 Net Income from Business (D) $ 2,70,650.00 Income Reconciliation AdjustmentOpening balance of livestock pool ( E ) $ 51,000.00 Sub Total (F) ( D+E ) $ 3,21,650.00 Expenses Reconciliation AdjustmentHay bought to feed cattle $ 5,600.00 Repairs ans Service of farm equipment $ 1,300.00 Salary to Rob $ 20,000.00 Salary to Jane $ 20,000.00 Sub Total (G) $ 46,900.00 Expense subtractions:Construction of new fencing (H) $ 8,000.00 Total Assessable Income (I) $ 2,66,750.00 Tax on Taxable Income $ 73,356.25 Medicare Levy $ 5,335.00 Net Tax Payable $ 78,691.25

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