Prepare and Administer Tax Documentation for Legal Entities

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Prepare and Administer Tax Documentation for Legal Entities

Prepare and Administer Assessment Documentation control Legal Entities Page 12 of 13 QUESTION 5 Your superintendent has supposing you with the restraintthcoming notice she has speedy control a client. The firm consists of three partners; Matthew, Helen and Lynn James, who operate a boat commission concern (Industry enactment 66390). Firm Net Income $ $ Assessable Income Boat Commission Fees 491,000 Less: Deductions Boat Operating Expenses 54,000 Salaries – employees 36,000 Superannuation – employees 3,000 Rent 41,000 Interest on Loan 1,000 Other Expenses 55,000 Lease of Boats 92,000 282,000 Firm Net Income 209,000 Assets Plant and Equipment 20,000 Liabilities Bank Loan 15,000 DISTRIBUTION – PNI Matthew Lynn Helen TOTAL Partners Salaries 60,000 18,000 78,000 Interest on Capital 14,000 11,000 6,100 31,100 Interest on Drawings (2,400) (1,800) (1,200) (5,400) Share

Prepare and Administer Assessment Documentation control Legal Entities
Page 12 of 13
QUESTION 5
Your superintendent has supposing you with the subjoined instruction she has prepared control a
client. The co-operation consists of three partners; Matthew, Helen and Lynn James, who
operate a boat engage affair (Industry legislation 66390).
Co-operation Net Income $ $
Assessable Income
Boat Engage Fees 491,000
Less: Deductions
Boat Operating Expenses 54,000
Salaries – employees 36,000
Superannuation – employees 3,000
Rent 41,000
Interest on Loan 1,000
Other Expenses 55,000
Lease of Boats 92,000 282,000
Co-operation Net Income 209,000
Assets
Plant and Equipment 20,000
Liabilities
Bank Loan 15,000
DISTRIBUTION – PNI Matthew Lynn Helen TOTAL
Partners Salaries 60,000 18,000 78,000
Interest on Capital 14,000 11,000 6,100 31,100
Interest on Drawings (2,400) (1,800) (1,200) (5,400)
Share of Adj. Net Inc. 52,650 35,100 17,550 105,300
124,250 62,300 22,450 209,000

REQUIRED:
a) Complete the Co-operation assessment recur control 2019
b) Attach a representation of the Co-operation assessment recur to an email to Helen (the nominated
contact control the co-operation) requesting she proof and recur the controlm control lodgment
with the ATO

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