Exam (elaborations)
FNSACC601 Final Assessment| Comprehensive Solutions
- Course
- Institution
FNSACC601 Final Assessment| Comprehensive Solutions
[Show more]
Seller
Follow
QuizMerchant
Reviews received
Content preview
Part B - Question 1Note- Please show all workings where necessary and you may use additional space
Please write your workings/explanations and answers in Blue cells
(a) Prepare a statement reconciling net profit with taxable income
Hot Pink Batts Pty Ltd
Amount
Net Profit per Financial Report
$
Net Profit
ADD BACK:
ATO Penalties 4,000.00
Provision for warranty 30,000.00
Tax Withheld US 4,000.00
Depcn Accting 60,000.00
Equals ADJUSTED NET PROFIT
LESS:
warranty exp 11,000.00
Depcn Tax 41,700.00
Computer Written off 900.00
Total less amount
Equals TAXABLE INCOME
(b) Calculate the net tax payable by the company for the year, clearly
sh
Tax on Taxable Income $ 174900
Less PAYG
Less FITO (working notes )
Tax Payable/(Refundable)
Additional Working
FITO
Tax on 174900@27.5%
Less: Tax on 162900@27
offset available =
, (c) Who would you consult if you required advice and guidance to
deter
Write your ans
First step of Any advice or guidance seeking would be Tax Practioner board
(TPB) re
ATO also provides various sources
1) ATO advice products - rulings
2) ATO uidance products / Tailored Technical assistance
A special service for registers tax agents assistance: Complex issue resolution
servic Also consulting Precedential ATO views,
Professional Accounting Bodies (Recoginises by TPB) : CAANZ, CPA Australia ,
NTAA, ICAEW, Law Society - NSW, The Tax institute, royal institute of
Chartered Surveyars
AAT and Courts provide further remedies, when required. The Courts and AAT
follo Decisions made by courts and AAT in the past serve as guide line to
interpret any cu
, Tax on Taxable Income $
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller QuizMerchant. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
85169 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now