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Dr Sabrina Moss, a self-employed dentist who operates her business as a sole practitioner (employing a receptionist and a dental nurse) provides you with the following information to prepare her taxation return for the year ended 30 June 2019:
Cash received from patients in the tax year $650,000Private Health Fund payments for services provided to patients $135,000Account receivables as at 30 June 2018 $35,000Account receivables as at 30 June 2019 $20,000Salaries paid to employees in the tax year $43,500Other expenses paid (assume deductible) $78,000
Required:
Problem 1: Discuss the taxation implications for Sabrina.
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