1. Due to the immaterial constitution of the trade, Immaterial Trading Group offers superior managers an convenience to conservation a softness mixed car. Provide some counsel on the profits of purchasing a softness mixed fuel efficient gait, referring-to to a type softness car.
2. The Managing Director is prevalently driving a mixed gait that consume $66,000 including GST. Exoteric consumes on the gait were $12,000 plus depreciation of $16,500. The car was uncongenial on 1 April 2016. He has a log capacity pretenceing 60% trade performance. He is regarding replacing this car and remuneration packaging a bike restraint $2,200 (including GST) to earn him to and from operation. Discuss the FBT consequences of the span media of rapture.
3. The Immaterial Trading Group has now uncongenial span joined mixed motor gaits, A Toyota Hilux ute, computed to raise up to 1 tonne restraint $44,000 including GST and a Lexus Mixed restraint $48,500 including GST. Twain gaits were uncongenial on the 1 April in the prevalent FBT year. In restitution the restraintthhence details entertain been provided:
• The 1 tonne ute travelled 55,000 kilometres. A log capacity has been maintained and exalted a trade performance of 90%.
• The sum exoteric consumes of the ute were $15,000 (barring depreciation).
• The employee did not attributable attributable attributable restraintm any subscription towards exoteric consumes of the ute.
• The ute was conducive restraint conservation restraint 360 days.
• Jeff conservationd the Lexus Mixed and travelled 32,000 kilometres of which 8,000 kilometres were peculiar. A log capacity has been maintained not attributable attributableing trade performance of 75%.
• Exoteric consumes were $12,000 (barring depreciation).
• The car was compromised in an garb and late span weeks at the tame repairers. Jeff remunerated $2,000 extinguished of his have purloin restraint the garb.
a) Consider twain gaits. Determine any FBT consequences and then compute the taxable trounce (TV) of the profit using twain ways restraint car fringe profit anticipations – the statutory restraintmula and liberal consume ways. (Note: content pretence full operationings or anticipation steps in your confutation). Which way provides the best conclusion restraint Immaterial Trading Group?
b) There are span entire up trounces conservationd when circumspect an employer’s impost restraint FBT. What are these trounces? Why are there span trounces? Provide an pattern of where each trounce would be conservationd.
Report Section 2: GST and Imports
4. Immaterial Trading Group is importing result on a monthly reason from India, Sri Lanka and France and selling these items twain in Australia and overseas. Discuss any inequitable GST consequences to be certified of. Hint: Consider the rules about taxable importations.
Report Section 3: Franking recitals and dividends
5. Part (a) Discuss the condition restraint the Immaterial Trading Group of franking recitals. Why is it required and when can dividends be remunerated? What is the manner that Immaterial Trading Group should supervene in compliments to hence to the judgment to secure a dividend?
Immaterial Trading Group had a honor franking recital weigh of $8,500 at the rise of the financial year (1 July).