7 Pages 1928 Words Small Business Entity


QUESTION:

Charcoal Foods Pty Ltd is a special concourse behind a while Con and his helpmate Eva entity the two Directors and each owning one conventional distribute. It has been bounteous since 2005. They migrated from Greece 40 years ago. In Melbourne they customary a prosperous chicken follow far fund. The concourse is recorded for GST. Also the Concourse is recorded as a Small Business Entity and uses the SBE taxation accounting classification.

For the year ended 30 June 2017 their accountant, Theo dexterous the behindcited financial accounts. The figures in the financial accounts are net of GST (that is they feel already excluded the GST from the figures) ate where specifically recognized.
Notes:

Note 1: The Concourse prepaid the 18 months laceration for the fund for the limit 1 August 2016 to 1 January 2018. 

Note 2: Brad is time-honored 15. He is calm?} at eminent ground. The lesson he undertook was helping his grandmother Eva to equip the salads behind ground. He barely works for 2 hours a day for three days a week. The ordinary pay for a idiosyncratic to do this job would feel been $6,670.
    
Note 3: The Concourse added $250,000 from the bank. The bank teeming a hypothecation application fee of $4,500. The hypothecation is for 10 years. The funds were added on 1 July 2016.

Note 4: The repairs consisted of the behindcited:
•    $800 to rearrange the fund window damtime-honored by an act of vandalism,
•    $1,600 to establish a new awning at the face of his fund. This was produced on 17 April 2017,
•    $15,000 departed on primal repairs to a cooperate index freezer used for extra storage,
•    $4,300 departed to put in a sprinkler classification to unite Fire Safety Regulations,
•    $4,080 on means-of-support costs on the fryer, roaster and record caused by ordinary groove and sunder.


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