User Account

All Pages

Tax credits in relation to any gst

Assignment Help Taxation
Reference no: EM13827826

Question: Alan is an employee at ABC Pty Ltd (ABC). He has negotiated the following remuneration package with ABC:

. salary of $300,000;

. Payment of Alan''s mobile phone bill ($220 per month, including GST).

Alan is under a two-year contract whereby he is required to pay a fixed sum each month for unlimited usage of his phone. Alan uses the phone for work-related purposes only;

. Payment of Alan''s children''s school fees ($20,000 per year). The school fees are GST free.

ABC also provided Alan with the latest mobile phone handset, which cost $2,000 (including GST).

At the end of the year ABC hosted a dinner at a local Thai restaurant for all 20 employees and their partners. The total cost of the dinner was $6,600 including GST.

(a) Advise ABC of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2015.

Assume that ABC would be entitled to input tax credits in relation to any GST- inclusive acquisitions.

(b) How would your answer to (a) differ if ABC only had 5 employees?

(c) How would your answer to (a) differ if clients of ABC also attended the end- of-year dinner?

Reference no: EM13827826

Questions Cloud

Report on external environment analysis as part of strategic : Report On External Environment Analysis As Part Of Strategic Management
Liquidity management strategy : What will be the size of the bank if a stored liquidity management strategy is adopted?
Calculate the variance for the given data : This problem belongs to Basic Statistics and it is about calculate the variance for the given data
Importance of knowledge management strategy in organization : Importance Of Knowledge Management Strategy In Organization
Tax credits in relation to any gst : Advise ABC of its FBT consequences arising out of the above information, including calculation of any FBT liability, for the year ending 31 March 2015.
Report on cultural ethics and effective communication : Report On Cultural Ethics And Effective Communication
Compute the standard deviation for asset allocation : Estimate the standard deviation of Bank A's asset allocation proportions relative to the national benchmark.
Path taken by phillips to achieve business excellence : Path Taken By Phillips To Achieve Business Excellence
Calculate the mean median and mode for the given data : This problem relates to Basic Statistics and it is about calculate the mean, median and mode for the given data

Reviews

Write a Review

Taxation Questions & Answers

  Warbler corporation whose federal taxable income totals 10

warbler corporation whose federal taxable income totals 10 million.warbler apportions 60 percent of its business income

  Estimate the tax rate for unusual write-offs

Compute the net earnings remaining after removing unusual write-offs and the extraordinary charge. Remove these items net of tax. Estimate the tax rate for unusual write-offs based on the taxes on operating income.

  What is the proper tax treatment for marks income

Determine the tax consequences for Edith for 2014 for the disposition of the chalet, and identify any elections she can make - What is the proper tax treatment for Mark's income from this contract? Explain your reasoning.

  What amount should percheron report

The corporation's 2013 current tax expense is $61,000. What amount should Percheron report as total 2013 income tax expense?

  Prepare a memo to stacey explaining the tax consequences

Prepare a memo to Stacey explaining the tax consequences of the incorporation. As part of your memo examine the possibility of having the corporation issue preferred and common stock and debt for the shareholders' property and money.

  Evaluate the amount of foreign tax

Evaluate the amount of foreign source income Eastwood will include in the US tax return in each of the 3 years and evaluate the amount of foreign tax credit Eastwood will be allowed to take in evaluate its US tax liabilty in each of the 3 years.

  Explain about gst

Explain about GST and why most people of Malaysia are not in favor of GST. Discuss your answers.

  What tax revenue will be generated

What tax revenue will be generated?

  How to operate a profitable real estate business

In creating several trusts in 2008, the Smith's made taxable gifts of $2million. Consequently, no gift tax was due because of the specific exemption ($1million for each donor spouse).

  What amount of fica tax will rasheed pay for the year

Rasheed works for Company A, earning $400,000 in salary during 2014.

  Prepare an income tax return for a married couple

Prepare an income tax return for a married couple who are filing jointly. The husband is employed by someone and his wife is self-employed.

  What are the tax implications to debra

What are the tax implications to Debra if she accepts the bank's offer and how do these events affect Jill's taxable income at the end of the year?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd