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Problem: Denko is a 42 year-old self-employed hairdresser. Her net business annual income is $120,000 and she has no other assessable income or tax deductible amounts.
(a) What is her maximum annual tax-deductible superannuation limit?
(b) Assuming she wants to contribute $37,500 by the end of the ?nancial year. Explain how she could do this and avoid the excess contribution tax?
(c) What would you outline to your client, Denko, if she stated that she would like to make an in-specie superannuation contribution to her SMSF.
Sunshine Corporation has found that 60% of its sales in any given month are credit sales, while the remainders are cash sales. Of the Credit sales, the company has experienced the following collection. Prepare a cash collections budget for the first ..
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Zurich Company reports pretax financial income of $84,090 for 2014. The following items cause taxable income to be different than pretax financial income. Depreciation on the tax return is greater than depreciation on the income statement by $20,010...
Prepare a report for the Board of Directors in which you analyse the company's financial performance and financial position and which specifically addresses the company's profitability, efficiency, liquidity and stability.
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On May 2, 1986, Hannah acquired residential real estate for $450,000. Of the cost, $100,000 was allocated to the land and $350,000 to the building. On January 20, 2013, the building, which then had an adjusted basis of $0, was sold for $545,000 and t..
Find What is the balance outstanding after one year? The loan will be paid off with $5000 payments at the end of every six months.
In November 2015, Kendall purchases a computer for $4,000. She does not use Sec. 179 expensing. She only uses the most accelerated depreciation method possible. The computer is the only personal property which she places in service during the year. W..
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Which is an example of a profit center? An individual restaurant which is part of a chain of restaurants./ The kitchen in an individual restaurant
Prepare a concise point-form schedule that will detail the taxation of every allowance received and every expense incurred in respect to moving
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