What amount is deductible to joe

Assignment Help Accounting Basics
Reference no: EM133163873

Question - Joe owns his own optometry business, Perfect Vision. He uses a registered tax agent to assist in the preparation of the financial statements and income tax affairs of the business. Joe provides you with a summary of various items charged to him by his tax agent during the 2021 income year:

$

preparation of the 2020 financial statements of Perfect Vision 2,250

preparation of the 2020 income tax return of Perfect Vision 740

provision of GST advice 620

tax penalty imposed by the ATO for lodging his 2021 tax return late 230

general interest charge (GIC) imposed by the ATO for late payment 62

attendance at a tax audit by the tax agent involving a dispute with the ATO 1,800

Required - What amount is deductible to Joe under Section 25-5 of the ITAA (1997)?

Reference no: EM133163873

Questions Cloud

Multicultural personality questionnaire : Several tools are available to assess cultural competence: Multicultural Personality Questionnaire, International Profiler, Cultural Intelligence Scale, and Cro
What changes do you anticipate in future : Explain how Industry 4.0 technologies have impacted your daily life. What changes do you anticipate in the future?
Indicate in each case the treatment of these events : Indicate in each case the treatment of these events after reporting date, in the financial statements
Situational approach and the trait approach to leadership : What is the difference between the situational approach and the trait approach to leadership?
What amount is deductible to joe : Preparation of the 2020 financial statements of Perfect Vision 2,250. What amount is deductible to Joe under Section 25-5 of the ITAA (1997)
Describe the Product. : Choose a product or service that you have purchased or are familiar with. What kinds of decisions does each of these areas of the promotional mix include?
Improve the accuracy of employment forecasts : Predicting future employment needs is much like predicting the weather-forecasts are not 100 percent correct.
Simulation and numerical analysis of breakdown period : Simulation and Numerical analysis of breakdown period of product manufacturing - CAD software used to perform analysis and simulation
Integrated marketing communications : Describe what is meant by Integrated Marketing Communications.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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