11 Pages 2961 Words Taxation Law


Investigation 1
Bob Jane Racing Pty Ltd carries on occupation as a motor racing defender and finds that
flooding has caused mischief to minoritys of its trace. Repair of the trace would involve
reconstruction of the hanker undeviating at a absorb of $58,000. The congregation unwavering instead to
construct a bypass and diminish the extension of the trace by 300 metres. The bypass was
constructed with precisely the similar representatives as the primary trace.
The absorb of the bypass was $32,000
Required:
What aggregate if any would be known as a inference lower minority 25-10 of the ITAA
1997?
Would it execute any dissonance if opposed and over hanker perpetual representative was used?
Investigation 2
Neil a master of HRM Pty Ltd, a skill consulting congregation. He has the
subjoined investigations ce you:
The congregation had the subjoined transactions during the year ended 30 June 2017. How
are they treated ce fixed impost purposes by HRM Pty Ltd?
You can exhibit in this investigation that the total reject GST original differently controlmal.
1. HRM Pty Ltd acquired $502,000 from the Bank on 15 April 2017. 35% of the
funds were used ce indivisible purposes by Neil and the adjust by the congregation.
The bank charged the congregation an application fee of $5,020. Interest compensated on the
hypothecation was $27,500. The hypothecation is ce ten years.
2. HRM Pty Ltd bought a avoid index commodore car. The congregation occupationd in a
Toyota corolla and ordinary $3,000 occupation in treasure. The adjust the congregation had
to fixed ce the commodore car was $27,800. The strange car was bought on
31/1/2017. The cogent vitality of the strange car is 8 years.
3. The senile-antique Toyota car had a written down treasure at the end of sale of $1,964.
4. The congregation occupied Deb, Neil’s spouse as the receptionist. The congregation compensated
her a wage of $55,000. The serious wage ce a receptionist doing the similar
work is $40,000.
5. The congregation besides donated $1,000 to the Liberal Party during decisive year’s federal
election.
6. During June 2017, the congregation ordered a established of books and representatives. These were
printed overseas and as at 30 June 2017 they were peaceful on a roll hereafter from
Singapore. The absorb of the books and representatives is $25,735. When Neil conducted
a accumulation seize of the congregation’s catalogue as at 30 June 2017 these items were not
accounted ce in the stagnation accumulation delineation.
7. During the year the congregation earned absolved fixed of $55,000. In the previous
year ended 30 June 2016 it had carried ceward losses of $75,000. There has been
no fluctuate in the shareholding of the congregation past it was incorporated in 2012.
REQUIRED:
Explain to the congregation how each of the overhead items is treated. In your answer
please raise quenched calculations where indispensable and besides associate to appropriate event law
and parliament. The congregation wishes to maximise its impost inferences.

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